The U.S. Department of the Treasury issued guidance in July 2009 for Treasury’s renewable energy grant program. This week, Treasury revised that guidance in regard to the “beginning of construction” requirement for renewable energy projects that are placed in service after 2010.
Beginning of Construction Requirement
The Treasury grant program, enacted as §1603 of the American Recovery and Reinvestment Act of 2009, provides a cash grant for the development of certain renewable energy projects equal to 30 percent (or 10 percent for certain technologies) of the eligible costs of the project. The Treasury grant is available in lieu of the Internal Revenue Code (IRC) § 45 production tax credit and the IRC § 48 investment tax credit.
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