As you may have heard, the IRS and DOE have announced a second allocation of "Advanced Energy Project Tax Credits" – also known as 48C credits. The 48C credit was enacted as part of the stimulus bill (ARRA) in 2009 and the first allocation was made in 2010. Phase II is being held because a certain portion of the $2.3 billion in credits allocated in 2010 were not used in a timely fashion. The amount available in Phase II is $150 million.
The 48C credits are available for projects that re-equips, expands, or establishes a manufacturing facility for the production of certain types of renewable and advanced energy property. In other words, the credit is available for projects that manufacture or produce property not for the installation of the property itself.
Stoel Rives was proud to have represented the companies receiving the largest and the seventh largest allocations in Phase I (aggregating more than 10% of all credits allocated). Please contact any one of the following should you have any questions about Phase II.
Chris Heuer – 503-294-9206
Adam Kobos – 503-294-9246
Greg Jenner – 612-373-8857
Carl Lewis – 206-386-7688
Kevin Pearson – 503-294-9622.