OBBBA Guidance: Thinking Through Impacts of Remand to 48E/45Y BOC Safe Harbor

研报英文原文证据摘录

OBBBA Guidance: Thinking Through Impacts of Remand to 48E/45Y BOC Safe Harbor

TD Securities (USA) LLC QUICK HIT

June 9, 2026

■WRG Energy Transition & Sustainability OBBBA Guidance: Thinking Through Impacts

of Remand to 48E/45Y BOC Safe Harbor

John Miller THE TD COWEN INSIGHT

202 868 5306

Federal court vacated/remanded IRS BOC safe harbor guidance impacting wind/solar Section

john.p.miller@tdsecurities.com

48E/45Y eligibility.

Cooper Pryde

■Impact on new project development likely limited.

212 468 7804

cooper.pryde@tdsecurities.com ■Trump Admin (R) pressure to quickly issue guidance a possible contributing factor.

■IRS likely slows inbound PFE guidance/rulemakings by shifting to a more conservative

approach.

Sector Impacts: Utilities, Industrials (EPCs), & Tech (Solar)

What Happened?

On 6/6/2026 the US District Court for DC (District Court) vacated and remanded AUG 2025

beginning of construction (BOC) safe harbor guidance from the IRS for wind and solar projects

seeking to qualify under the OBBBA's reformed Section 48E/45Y clean electricity ITC/PTC.

■District Court opinion (HERE)

■Our prior note (HERE)

What's Our View?

Our three key points:

■Impact Likely Limited - We concur with DC consensus that impact on new solar/wind

project starts is likely limited. Timing (less than 1-month from 7/4 deadline) and the

likelihood of an IRS appeal constrain ability of developers to leverage the 5% investment

pathway for qualification. That said, if IRS elects to not appeal or is again defeated in court,

developers (along with the tax equity and credit transferability value chain) would retain a

secondary eligibility pathway which could be relevant in the case of a post hoc IRS audit.

■Haste Makes Waste? - IRS guidance issued last AUG came under extreme time pressure