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U.S. DOE and the Department of Treasury Release Guidelines and Application for the Advanced Energy Manufacturing Tax Credit
The American Recovery and Reinvestment Act (ARRA) authorized $2.3 billion for a 30% tax credit to support new, expanded, or re-equipped domestic manufacturing facilities for advanced energy projects. The U.S. Department of Energy (DOE) and the Internal Revenue Service (IRS) will review and make determinations on the eligibility and merit of the tax credit applications. Applicants will receive tax credits based on the expected commercial viability of their project and the ranking of their project relative to other projects. Rankings will be based on expected job creation, reduction of air pollutants and greenhouse gas emissions, technological innovation, and ability to have the project up and running quickly. Technology, geographic & project size diversity, and regional economic development will also be considered when rating projects.
Projects must be completed within 4 years of accepting the tax credit. The tax credit will not be applicable to past investments. The tax credit can only be applied to future expenditures.
The following manufacturing projects at advanced energy facilities are eligible:
• Technologies that create energy from renewable resources (sun, wind, geothermal and other renewable resources)
• Energy storage technologies (fuel cells, microturbines or other energy storage systems used in electric vehicles)
• Advanced transmission technologies that support renewable generation (including storage)
• Renewable fuel refining or blending technologies
• Energy conservation technologies (advanced lighting, smart grid)
• Plug-in electric vehicles & vehicle components (motors, generators)
• Property to capture and sequester carbon dioxide
• Other property designed to reduce greenhouse gas emissions
Deadline:
Applications must be submitted for review. The application is available beginning August 14. Preliminary applications are due to DOE September 16, 2009, and final applications are due to DOE and the IRS by October 16, 2009. Awardees will receive acceptance agreements from the IRS by April 16, 2010. Tax credits will be allocated until the $2.3 billion is allocated.
A program summary and guidance is available at http://www.energy.gov/recovery/48C.htm. The IRS application form is available at http://www.energy.gov/recovery/documents/IRS_application_form_sf3468.pdf. Applications should be submitted to 48Capplications@hq.doe.gov.
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