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On September 28, 2010, the House of Representatives passed the Algae-based Renewable Fuel Promotion Act of 2010 (H.R. 4168). The Act amends the Internal Revenue Code to (1) expand the definition of "cellulosic biofuel" to include algae-based biofuel for purposes of the cellulosic biofuel producer tax credit; and (2)  provide for accelerated depreciation of property used …

Last week, Senators Jeff Bingaman (D-NM), Ron Wyden (D-OR), and Jeanne Shaheen (D-NH), introduced legislation that would add grid-connected energy storage property to the list of technologies eligible for the federal investment tax credit (the "ITC").  Under the Storage Technology for Renewable and Green Energy Act of 2010 (the "STORAGE 2010 Act"), eligible energy…

Governor Tim Pawlenty signed into law the Small Business Investment Tax Credit, also known as the “Angel Tax Credit,” on April 1, 2010.   The Angel Tax Credit is expected to stimulate investment in Minnesota businesses utilizing or developing new technologies, including those related to renewable energy and energy efficiency and conservation. Qualified investors are…

The U.S. Treasury Department today released on its website additional guidance regarding the "begin construction" requirement for qualifying for the 30% ARRA cash grant. To qualify for the grant, a project either must be placed in service in 2009 or 2010 or, if construction begins on or before December 31, 2010, must be placed in…

Our Seattle tax attorneys (listed below) have told us about Washington Department of Revenue’s  ("DOR") public hearing on May 11 regarding proposed amendments to its rule governing administration of the Renewable Energy System Cost Recovery program.

Kim Risenmay at (206) 386-7525 or gkrisenmay@stoel.com
Carl Lewis at (206) 386-7688 or cslewis@stoel.com
Erin Toland at (206) 386-7563 …

Federal tax benefits, such as the Section 1603 Grant, investment tax credits and production tax credits, continue to be an important driver in financing renewable energy projects.  Several of my colleagues will be discussing these tax benefits and other incentives related to project financing in a webinar hosted by Infocast on Wednesday, March 31, 2010 at 1:00…

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…

Concern is mounting over whether the smart grid awards and project grants to be distributed by the Department of Energy (“DOE”) will be taxable in the hands of the recipients.  Certain grants administered by  federal, state, or local programs for renewable energy projects located in the US may be reportable by the recipient.  The 100 smart grid award recipients, …