Treasury Department Releases Guidance on New Energy Grant Program
This morning, the U.S. Treasury Department issued Program Guidance for Payments for Specified Energy Property in Lieu of Tax Credits (Section 1603 payments) under the American Recovery and Reinvestment Act of 2009. Section 1603 payments will be made to eligible persons placing qualified renewable energy facilities in service, in lieu of both the Energy Credit (Investment Tax Credit) and the Production Tax Credit. The guidance was released together with the Application and additional Terms and Conditions. Key features of the guidance are highlighted in this alert. A more detailed analysis of the guidance will be contained in a future alert.
