Treasury and IRS Tighten Rules for Wind and Solar Tax Credits

Treasury and the IRS have issued Notice 2025-42 to implement the “begin construction” deadline in the One, Big, Beautiful Bill Act (OBBBA). Under OBBBA, the clean electricity production credit (§45Y) and investment credit (§48E) terminate for wind and solar facilities after December 31, 2027, if construction begins after July 4,...