Safe Harbor Provisions. This section 24.1 is applicable only to Project Developers. Provided that Project Developer agrees to conform to all requirements of the Internal Revenue Service (“IRS”) (e.g., the “safe harbor” section 118(a) and 118(b) of the Internal Revenue Code of 1986, as amended and interpreted by Notice 2016-36, 2016-25 I.R.B. (6/20/2016)) that would confer nontaxable status on some or all of the transfer of property, including money, by Project Developer to the Transmission Owner for payment of the Costs of construction of the Transmission Owner Interconnection Facilities and Transmission Owner Upgrades, the Transmission Owner, based on such agreement and on current law, shall treat such transfer of property to it as nontaxable income and, except as provided in section 24.4.2 below, shall not include income taxes in the Costs of Transmission Owner Interconnection Facilities and Transmission Owner Upgrades that are payable by Project Developer under the Generation Interconnection Agreement. Project Developer shall document its agreement to conform to IRS requirements for such non-taxable status in the Generation Interconnection Agreement, the Interconnection Construction Service Agreement, and/or applicable agreement.
Appears in 12 contracts
Samples: Generation Interconnection Agreement, Generation Interconnection Agreement, Generation Interconnection Agreement
