By Donald T. Ross
A critical component of the American Recovery and Reinvestment Tax Act of 2009 (a.k.a. the Stimulus) is the Department of Treasury’s (“Treasury”) Payments for Specified Energy in Lieu of Tax Credits. Rather than claim a tax credit based on placing certain specified energy property in service, applicants receive a cash grant directly from the United States Treasury during the year in which the property is placed in service. As with most targeted government incentives, the devil is in the details, particularly as to the timing of the project.
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