Corporate Finance Law Blog : Corporate Finance Lawyer & Attorney : Davis Wright Tremaine Law Firm

By Craig Gannett and Lauren Giles Wishnie

With the debate over climate change legislation stalled in the Senate, on Dec. 11, 2009, Sen. Maria Cantwell of Washington introduced her long-awaited alternative strategy for reducing carbon emissions dramatically by mid-century. In doing so, she and her Republican co-sponsor, Sen. Susan Collins of Maine, are challenging the widespread, but far from unanimous, consensus in support of the regulatory model known as cap and trade.

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By Maria T. Browne, Paul B. Hudson, James M. Smith and James W. Tomlinson

Last week, the Commerce Department’s National Telecommunications and Information Administration (NTIA) and the Department of Agriculture’s Rural Utilities Service (RUS) jointly issued a press release with preliminary aggregated information about the applications submitted for the first round of broadband stimulus funding. NTIA and RUS (the “Agencies”) announced that they received approximately 2,170 applications requesting nearly $28 billion in funding, or approximately seven times the total amount allocated for this round.

As yet, very little information is available about the applications that were filed other than the aggregated data described by the Agencies. The sustainable broadband and public computer programs were more oversubscribed than broadband infrastructure, but demand far exceeds supply in all categories.

This advisory provides an overview of the applications that were filed and anticipated next steps in the funding process, including a discussion of possible challenges to broadband infrastructure applications.

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By Pamela M. Charles and Durham C. McCormick, Jr.

On July 9, 2009, 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 who place in service specified energy property (“qualified renewable energy facility”), 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 were highlighted in our July 9, 2009, alert. Today's alert provides more details from the guidance and an analysis of its practical implications. We have incorporated all of the information contained in our earlier alert.

Continue reading . . .

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By Pamela M. Charles

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.

Continue reading . . .

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