Biogas Investment Tax Credit Still Needs Tweaks, IRS Told
While the IRS clarified that the clean energy investment tax credit would cover eligible upgrading equipment integral to biogas properties, the industry could get a boost if final rules allow separate ownership of the equipment, stakeholders told the agency Wednesday.
The Internal Revenue Service made the clarification in a correction to be published Thursday in the Federal Register in response to the industry's initial concerns. But the current proposal still requires that a single entity owns the clean energy facility in order for it to qualify for the tax credit under Internal Revenue Code Section 48 , the stakeholders said during the agency's hearing on the proposed rules implementing the credit. The requirements are a problem for biogas or renewable natural gas, or RNG, production facilities that tend to have different ownership structures, they said.