The American Taxpayer Relief Act of 2012 modified the definition of certain qualified facilities under Section 45(d), allowing taxpayers to receive the renewable electricity production tax credit (PTC) under Section 45, or the energy investment tax credit (ITC) under Section 48 in lieu of the PTC, with respect to such a facility if construction of such facility began before January 1, 2014.  The IRS released Notice 2014-46 today, further clarifying Notices 2013-29 and 2013-60 regarding (i) how to satisfy the “physical work” method for determining whether construction has begun and (ii) the effect of various types of transfers with respect to a facility after construction has begun.  The notice also modifies the application of a five percent safe harbor for determining the beginning of construction on an applicable qualified facility.