1603 Grants

News & Analysis as of

Sen. Sessions Pens Letter to Treasury Critical of SolarCity and 1603 Practices

In a letter dated November 18, Senator Jeff Sessions (R-AL) wrote Secretary of the Treasury Jacob Lew a critical letter with questions regarding the Cash Grant program, SolarCity’s purported practices and the investment tax...more

Energy And Environment Update -- May 6, 2013

In This Issue: Energy & Climate Debate; Congress; Administration; Department of Energy; Environmental Protection Agency; Department of Interior; Department of Defense; Nuclear Regulatory Commission; Federal Energy...more

Section 1603 Cash Grant Modified Annual Report Form

Recipients of Section 1603 cash grants are required by the Terms and Conditions of the program to provide annual project performance reports to the Treasury Department for the first five years after the project is placed in...more

Developers Rejoice! IRS Issues “Begun Construction” Guidance

On April 15, 2013, the IRS released Notice 2013-29 addressing the eligibility for certain alternative energy projects to qualify for the renewable electricity production tax credit (PTC) under section 45 of the Tax Code. This...more

Client Alert: Impact of Sequestration on 1603 Cash Grants

On March 1, 2013, President Obama signed the sequestration order (“Sequestration”), reducing the budgetary resources for each non-exempt Federal budget account by an amount calculated by the Office of Management and Budget...more

Sequestration Reduces Treasury Grant Awards to Renewable Energy Projects by 8.7 Percent

According to Treasury Department guidance issued March 4, 2013, grants awarded to renewable energy project owners under the Treasury’s Section 1603 grant program on or after March 1, 2013 will be reduced by 8.7 percent due to...more

Treasury Releases Message on Impact of Sequestration on 1603 Cash Grants

On March 4, 2013, U.S. Treasury released guidance on the impact of the across-the-board spending cuts known as “sequestration” to the Section 1603 cash grant program. As stated in the message, payments under Section...more

1603 Grants, Fracking Rules, and the Keystone XL Pipeline – ML Strategies’ Weekly Energy and Environmental Update

Last week on Capitol Hill, the House Energy and Commerce Committee majority staff released a report charging that the 1603 Grants in Lieu of Tax Credits program appears to have “unduly benefitted” foreign companies. The...more

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