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Bill Introduced to Revive Section 1603 Program for Renewable Energy Tax Credits
Rep. Sean Casten, D-Ill., this week introduced the Energy Tax Credit Direct Payment Act of 2020 (H.R. 7491) to revive the Section 1603 program of the American Recovery and Reinvestment Act of 2009, allowing the Secretary of the Treasury to convert certain renewable energy tax credits into cash grants. The Section 1603 program provided payments in lieu of investment tax credits or production tax credits for solar, wind and other forms of renewable energy properties that were placed in service or that begun construction in 2009, 2010 or 2011. The program disbursed more than $26 billion to help fund more than 100,000 properties, according to the U.S. Department of Treasury.