Murkowski Welcomes Relief for Renewable Energy Projects

Treasury Responds to Senators’ Request

U.S. Sen. Lisa Murkowski, R-Alaska, thanked Treasury Secretary Steven Mnuchin for the Department’s swift response to recent requests for regulatory relief for the renewable energy industry. On Wednesday, the Internal Revenue Service (IRS) released updated regulatory guidance for renewable energy projects taking the Investment Tax Credit (ITC) and Production Tax Credit (PTC).

“The COVID-19 pandemic has posed significant challenges for the renewable energy industry, which has lost thousands of jobs while navigating uncertainty in project investments,” Murkowski said. “I appreciate Secretary Mnuchin moving quickly to provide reasonable relief. It will help with the economic recovery ahead.”

Treasury’s guidance addresses concerns Murkowski and several colleagues raised in recent letters to Secretary Mnuchin—including last month’s request urging Treasury to extend deadlines for renewable energy projects to complete construction and access tax credits, as well as a May 21 letter urging additional regulatory relief for renewable energy projects.

Murkowski is Chairman of the Senate Energy and Natural Resources Committee.

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