By Julia Pyper, GreenTech Media.
The Internal Revenue Service is considering modifications to energy investment tax credit regulations, which could have implications for energy storage and other technologies.
The IRS and the U.S. Department of Treasury issued a notice last Friday that the agencies are seeking public comments on Section 48 of the Internal Revenue Code, the commercial Investment Tax Credit, concerning the definition of qualifying energy property.
The ITC generally provides a 30 percent tax credit for investments in energy projects. Regulations that govern the ITC haven't been updated since 1987, however, so there's been growing confusion around which technologies qualify and how they must do so. The IRS and Treasury wrote last week that they "anticipate" issuing new tax credit regulations.