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TREASURY UPDATES 1603 GUIDANCE ON BEGINNING OF CONSTRUCTION

Tuesday, March 16, 2010 - 1:15AM

The Treasury Department yesterday updated its program guidance for the Section 1603 renewable energy tax credit cash grant exchange program. Section IV C, Beginning of Construction, was updated with a new passage regarding what is considered physical work of a significant nature for the purposes of the cash grant program. In the updated guidance, the Treasury Department says that physical work of a significant nature does not include preliminary activities such as planning or designing, securing financing, exploring, researching, clearing a site, test drilling of a geothermal deposit, test drilling to determine soil condition, or excavation to change the contour of the land (as distinguished from excavation for footings and foundations). No other changes were made to the guidance.

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