TREASURY, DOE ANNOUNCE $2.3 BILLION IN SEC. 48C TAX CREDITS

Thursday, August 13, 2009 - 3:30am

The Treasury Department and the Department of Energy today announced $2.3 billion in tax credits available through the Advanced Energy Manufacturing Tax Credit (MTC) program created by the Recovery Act. The MTC program will provide developers with an investment tax credit of 30 percent for facilities that manufacture solar, wind, and geothermal energy equipment; fuel cells, microturbines, and batteries; electric cars; electric grids to support the transmission of renewable energy; energy conservation technologies; and equipment that captures and sequesters carbon dioxide or reduces greenhouse gas emissions. The manufacturing tax credit is capped at $2.3 billion, and credits are available for two years or until the cap is reached. Companies can file applications for the first round of credit awards between August 14, 2009 and October 16, 2009. Guidance on qualifying and applying for the MTC program can be found in Notice 2009-72. Award announcements are expected by January 15, 2010.

Click here for links to all the information available for the Section 48C Advanced Energy Manufacturing Tax Credit. This announcement will also be featured in the next Tax Credit Tuesday podcast.