Congress is considering a complete rewrite of the 1603 grant program. Some of the changes being considered are very helpful while others would be extremely troubling. Please continue reading to get the full story …
Stoel Rives Clients Receive Huge Tax Credit Awards
Stoel Rives would like to congratulate REC Silicon and SolarWorld on their awards of tax credits by the IRS and DOE. These two companies, combined, received over 10 percent of all the tax credits awarded nationwide under section 48C of the tax code.
On Friday, January 8, the Department of Energy awarded to 183 companies
Technical Correction to Section 1603 Grant May Loosen Rules for Investment by Tax Exempts
On December 2, House Ways & Means Chairman Rangel and Ranking Member Camp introduced a tax technical corrections bill (H.R. 4169). We will likely see an identical version introduced in the Senate very soon.
Included among the technicals are changes to the Grant in Lieu of ITC under section 1603 of ARRA. The most
No Preliminary Approval for ITC Grants
In recent days, there have been rumors circulating that Treasury would issue "pre-approvals" for ITC grants in cases where construction begins in 2009 or 2010 but the project is not placed in service before 2011. You will recall that projects may still qualify for the ITC grant in those cases if they meet the placed
IRS Issues Notice on Depreciation of Ethanol Facilities
On Monday, August 24, the IRS issued Notice 2009-64. The notice sets forth a proposed revenue ruling that concludes that ethanol facilities are depreciable over 7 years (rather than 5 years). A link to the notice appears below.
The proposed ruling classifies ethanol facilities as assets used in Waste Reduction and Resource Recovery Plants
Applications Now Being Accepted for ITC Grants
The U.S. Department of Treasury announced today that it has begun accepting applications for grants in lieu of tax credits pursuant to section 1603 of the American Recovery and Reinvestment Act of 2009 (ARRA). ARRA permits an applicant to receive a Treasury Department grant rather than claiming investment tax credits (ITCs) or production tax credits (PTCs) for
TREASURY GUIDANCE — GRANT IN LIEU OF ITC
UPDATE!!!!!
Just informed by Treasury that guidance will "go live" at noon EDT.
Treasury Guidance — Grant in Lieu of ITC
UPDATE!!!!!!
We have just been informed that the release of the Treasury guidance for the grant in lieu of ITC has been postponed until tomorrow — Thursday, July 9. This is being done in order to all ow Treasury to first brief Members of Congress and their staffs on the details of the guidance.
Stay
Treasury Guidance — Grant in Lieu of ITC
We have just been informed by the Treasury Department that they plan to release their first set of guidance on the new grant in lieu of the ITC (section 1603 of ARRA) tomorrow afternoon (Wednesday, July 8). We are not certain yet of the time, although we’re told it will be in the afternoon at
IRS Provides Guidance on Electing ITC in Lieu of PTC
On Friday, June 5, the Internal Revenue Service issued Notice 2009-52, which provides guidance informing taxpayers how to elect to claim the Investment Tax Credit under IRC § 48 in lieu of the Production Tax Credit under IRC § 45 with respect to qualifying projects. This election was provided for as part of the American Recovery