IRS Announces Qualifying Advanced Energy Project Tax Credit Program: Preliminary Applications Due September 16, 2009

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The Internal Revenue Service yesterday issued Notice 2009-72 (the "Program Guidance") establishing a program implementing the Qualifying Advanced Energy Project Credit ("QAEP Credit") under Section 48C of the Internal Revenue Code (the "Code"). The Program Guidance may be found on the IRS website: http://www.irs.gov/pub/irs-drop/n-09-72.pdf.

The QAEP Credit was enacted as part of the American Recovery and Reinvestment Act of 2009 ("ARRA"). It is intended to encourage the development of a domestic manufacturing base to support the U.S. renewable energy industry by providing a tax credit equal to 30 percent of the "qualified investment" in a "qualifying advanced energy project." The QAEP Credit is subject to a nationwide limitation of $2.3 billion, which must be allocated among eligible projects. ARRA required the Treasury Department to establish by August 17, 2009, a program to consider and award certifications for the QAEP Credit. The program announced yesterday fulfills that mandate and sets a short timeline for credit allocation applications.

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Published In: Energy & Utilities Updates, Environmental Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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