On April 13, 2011, the U.S. Department of Treasury posted updated guidance (Guidance) and updated Frequently Asked Questions (FAQ) with respect to the Section 1603 cash grant in lieu of investment tax credits created by the American Recovery and Reinvestment Act of 2009. The grant permits certain renewable energy projects to receive a cash grant from the Treasury equal to 30 percent of the qualified costs (and 10 percent for other renewable energy projects). On December 16, 2010, the grant was extended to apply to projects placed in service in 2011 or projects on which construction was begun in 2011. See Congress Passes Bill Extending Section 1603 Grant and Other Energy-Related Incentives for additional grant qualification information and the extension.

The changes to the Guidance and FAQ relate to a mix of topics discussed below. The Treasury has also summarized some of the changes to the Guidance here. Many of the changes related to updating the applicable dates in the Guidance and FAQ to reflect that the grant was extended through 2011. These changes are generally not discussed herein.