From a bootleg copy of the tax provisions in the stimulus bill:

The grant in lieu of tax credits is in the bill. However, it is now Treasury rather than DOE that will issue the checks. The provision has also been changed to allow the grants to be issued even though the property is not placed in service before 2011, so long as the credit is still in effect and construction began before 2011.

In addition, the bill also includes:

1. the placed in service date for the PTC is extended three years,
2. taxpayers can elect the ITC (30%) in lieu of the PTC, beginning in 2009 through 2013 (2012 in the case of wind),
3. the allocation for CREB bonds is increased by $1.6B,
4. the allocation for qualified energy conservation bonds is increased by $2.4 B,
5. Bonus depreciation and small business expensing extended through 2009,
6. 5-year NOL carryback allowed but only for small businesses,
7. A 30% investment credit for investment in qualified advanced energy projects,

Stoel Rives will be issuing an alert describing the provisions in detail in the near future.  If you are not already a subscriber, please click on the "Subscribe" button to sign up.