BUDGET PROPOSAL INCLUDES SECTION 1603 CASH GRANT EXTENSION

Friday, February 17, 2012 - 8:00am

In addition to extending the renewable energy production tax credit (PTC), the Obama Administration’s proposed fiscal year 2013 budget would extend the Section 1603 renewable energy cash grant program through the end of 2012. After 2012, the proposal would replace the grant with a refundable tax credit administered by the Internal Revenue Service. Details of the proposal can be found on page 42 of the General Explanations of the Administration's Fiscal Year 2013 Revenue Proposals (also known as the Greenbook). In addition, Michael J. Novogradac, CPA, discussed this proposal in the February 14th Tax Credit Tuesday podcast and in his Notes from Novogradac blog on February 15.

Questions about the PTC and grant extension proposal can be directed to Stephen B. Tracy, CPA at [email protected].