Posted on July 16, 2009 by Joseph M. Wallin

Update: An Analysis of the U.S. Treasury's Guidance on New Energy Grant Program

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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Posted on September 16, 2008 by Joseph M. Wallin

US House Passes Comprehensive Energy Security Act

From the web site of the Speaker of the House:

"On September 16th, the House passed the Comprehensive American Energy Security and Consumer Protection Act, H.R. 6899. The legislation is a bold step forward, helping end our dependence on foreign oil and increase our national security.  It launches a clean renewable energy future that creates new American jobs, expands domestic energy supply--including new offshore drilling, and invents and builds more efficient vehicles, buildings, homes, and infrastructure.  It will lower costs to consumers and protect the interests of taxpayers.  It is a comprehensive strategy, and the product of bipartisan compromise.  It offers Republicans who want a comprehensive approach the choice to make sure Big Oil pays its fair share."

For a full text of the bill, see here.

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