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AGREEMENT ANNOUNCED ON RECOVERY LEGISLATION

Thursday, February 12, 2009 - 1:15AM

Congressional conferees yesterday announced they had reached a tentative agreement on an economic recovery package. The legislation is said to include approximately $789 billion in spending and tax provisions. While some of the details remain to be finalized, reports indicate that the final agreement includes a provision to extend the placed-in-service date for wind facilities through December 31, 2012 and through December 31, 2013 for certain other qualifying facilities. The final package is also expected to temporarily allow renewable energy production facilities to elect the investment tax credit in lieu of the production tax credit. Updates will be provided online at www.energytaxcredits.com as soon as additional information becomes available.

Novogradac & Company LLP is planning a webinar on the provisions of the economic recovery legislation.

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