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IRS Issues Guidance On Application Process For Tax Credits For Manufacturers Of Renewable Energy Property.

Publication: Mondaq Business Briefing
Publication Date: 25-AUG-09 		Format: Online
Delivery: Immediate Online Access
Full Article Title: IRS Issues Guidance On Application Process For Tax Credits For Manufacturers Of Renewable Energy Property.(American Recovery and Reinvestment Act of 2009)(United States. Internal Revenue Service)

Article Excerpt
The American Recovery and Reinvestment Act of 2009 (the "Recovery Act") included a number of significant new tax incentives for businesses engaged in the renewable energy market. One of these incentives is a new program that provides a tax credit to taxpayers who manufacture property to be used in producing specified types of renewable energy. The Recovery Act provided for $2.3 billion of credit availability under this program. Credits are to be awarded pursuant to a competitive application process based on criteria set forth in the statute.

On Aug. 13, 2009, the Treasury Department issued Notice 2009-72 (the "Notice"), which established the program and announced the procedures for applying for credits. The Notice sets forth the criteria that the Department of Energy will apply in making its recommendations and in ranking projects for the program. A copy of the Notice and the application for credits can be found at www.energy.gov/recovery/48C.htm.

Background

Section 48C of the Internal Revenue Code of 1986, as amended (the "Code"), provides for a credit equal to 30 percent of the basis of eligible...

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