When President Obama signed into law the American Recovery and Reinvestment Act of 2009 ("ARRA") in February 2009, substantial incentives were included for the development of renewable energy projects. In Section 1603 of the ARRA, entities eligible for the Investment Tax Credit ("ITC") were provided an option to elect a cash grant in lieu of the ITC. Payments under the Section 1603 program are made to eligible persons who place in service specified energy property, such as qualifying wind, solar, biomass, landfill gas and geothermal projects. Those who receive such payments forego benefits associated with the ITC.
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On July 9, 2009, the U.S. Department of the Treasury ("Treasury") and the U.S. Department of Energy ("DOE") released Program Guidance, Terms and Conditions, and an Application for cash payments under the ARRA Section 1603 program.
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