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SAMPLE ANNUAL REPORT FOR SECTION1603 PROGRAM AVAILABLE

WASHINGTON, D.C. - August 27, 2010

The Treasury Department yesterday posted a sample annual performance report and certification for the Section 1603 renewable energy tax credit cash grant program. All applicants that receive awards under the Section 1603 program are required to report certain information annually to the Treasury Department for a period of five years. Reports are due annually, 30 days after the anniversary date of the date the property was placed in service. The form used to submit this report is completed and submitted through the online application system. The Treasury Department says applicants will receive a reminder notification via email 30 days before the report is due.

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DRAFT OF DOMESTIC MANUFACTURING AND ENERGY JOBS ACT OF 2010 RELEASED

WASHINGTON, D.C. - July 26, 2010

Ways and Means Committee Chairman Rep. Sander Levin, D-Mich., released the draft legislative text of the Domestic Manufacturing and Energy Jobs Act of 2010 today. The Act includes legislation that would expand the Section 48C advanced manufacturing tax credit to provide an investment tax credit for expenditures to re-equip, expand or modify facilities that manufacture and fabricate solar energy property, fuel cell power plants, and advanced energy storage systems and increase the allocation cap for other facilities by $3 billion. It would also extend the Section 1603 direct payment in lieu of production tax credit and investment tax credit program through 2012; create a program to award $2 billion of investment tax credits to support taxpayer efforts to improve domestic energy efficiency and identify new sources of renewable energy; and expand and extend several renewable energy bond programs.

Michael Novogradac will discuss the bill in more detail in an upcoming Tax Credit Tuesday podcast. In the meantime, check out a summary of the legislative text and the estimated revenue effects at Novogradac & Company LLP’s Renewable Energy Tax Credit Resource Center.

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ACT INTRODUCED TO INCREASE PTC, TEBS FOR THERMAL ENERGY

WASHINGTON, D.C. - July 23, 2010

Congresswoman Betty McCollum, D-Minn, and Sens. Al Franken, D-Minn., and Kit Bond, R-Mo., on July 21 introduced H.R. 5805, the Thermal Renewable Energy and Efficiency Act of 2010. The Thermal Renewable Energy and Efficiency Act would create a renewable thermal energy production tax credit by expanding the existing production tax credit (PTC) and expand the use of tax exempt bonds so that all of the capital costs associated with thermal energy production would be eligible for tax exempt bond funding. After McCollum introduced the bill, it was referred to three House committees: Energy and Commerce; Ways and Means; and Oversight and Government Reform.

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TREASURY PROVIDES MORE GUIDANCE ON BEGINNING OF CONSTRUCTION FOR SECTION 1603 PROGRAM

WASHINGTON, D.C. - June 29, 2010

On June 25 the Treasury Department posted additional guidance regarding the regarding the beginning of construction and eligibility for the Section 1603 renewable energy tax credit cash grant program. For a property that is not placed in service in 2009 or 2010, to be eligible for the Section 1603 program construction on the property must begin in 2009 or 2010. The new guidance is provided in the form of 25 frequently asked questions and answers regarding the beginning of construction for the Section 1603 program.

ALASKA ENACTS RENEWABLE ENERGY OMNIBUS BILLS

JUNEAU, Alaska - June 17, 2010

Gov. Sean Parnell signed two bills today to establish a statewide energy policy that will stimulate Alaska’s economy by attracting renewable energy investment. S.B. 220, the Alaska Sustainable Energy Act, establishes a $250 million Energy Efficiency Revolving Loan Fund to give school districts, state and local governments and the University of Alaska system access to low-interest loans to achieve energy savings. A provision to create a renewable energy production tax credit was removed from the bill but may be revisited next year. The State Energy Policy, H.B. 306, sets a goal for Alaska to generate 50 percent of its electricity through renewable resources by 2025, primarily through hydropower projects.

EXTENSION OF SEC. 1603 GRANT PROPOSED FOR EXTENDERS BILL

WASHINGTON, D.C. - June 16, 2010

Sen. Maria Cantwell, D-Wash., proposed an amendment to the pending tax extenders bill, that would extend Section 1603 renewable energy tax credit cash grant program through the end of 2012.

Supporters of the extension estimate it would create at least 65,000 jobs in the solar energy sector alone. The amendment also would make not-for-profit power producers eligible for the Section 1603 program. Click here to view a summary of the amendment. The amendment was co-sponsored by Sens. George LeMieux, R-Fla., Dianne Feinstein, D-Calif., Debbie Stabenow, D-Mich., Jeff Merkley, D-Ore., and Ben Nelson, D-Neb.

SENATORS INTRODUCE SEAM ACT TO EXPAND 48C TAX CREDITS

WASHINGTON, D.C. - May 7, 2010

Sens. Sherrod Brown, D-Ohio, Charles Schumer, D-N.Y., Jeff Merkley, D-Ore., Robert Casey, D-Pa., and Kay Hagan, D-N.C., yesterday introduced legislation to expand and improve the Advanced Energy Manufacturing Tax Credit (48C) program. S. 3324, the Security in Energy and Manufacturing (SEAM) Act, is the companion bill to H.R. 5041, which was introduced in the House by Rep. Phil Hare, D-Ill., on April 15. The SEAM Act would provide an additional $5 billion for the Advanced Energy Manufacturing Tax Credit program, which provides a 30 percent tax credit for the creation of new manufacturing facilities that produce alternative energy components. The bill would also amend the original program to prioritize facilities that manufacture—rather than just assemble—clean energy components.

OHIO CONSIDERS WIND AND SOLAR TAX CHANGES

COLUMBUS, Ohio - April 26, 2010

Lawmakers in Ohio are expected to consider two bills aimed at making Ohio's tangible personal property tax on generation for wind and solar projects competitive with other states. The American Wind Energy Association (AWEA) says that these bills, if adopted, can bring wind farms into production in Ohio by the end of 2012. Click here for copies of Ohio S.B. 232 and Ohio H.B. 464.

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