Solar & Renewable Energy Tax Credits

A bipartisan group of 26 senators yesterday sent a letter to Senate Majority Leader Harry Reid, Minority Leader Mitch McConnell, Finance Committee Chairman Max Baucus and Finance Committee Ranking Member Charles Grassley urging a two-year extension of the Section 1603 Payments for Specified Energy Property in Lieu of Tax Credits Program during the lame-duck session.

A ballot initiative approved by California voters last week known as Proposition 26 may mean that federal Section 1603 renewable energy tax credit cash grants will soon be treated as taxable income.

The Treasury Department recently posted two documents relating to renewable energy properties that are not yet placed in service but that plan to apply a cash grant in lieu of tax credits under Section 1603 of the American Recovery and Reinvestment Act.

House Ways and Means Committee Chairman Rep. Sander Levin (D-Mich.) recently released the draft legislative text of the Domestic Manufacturing and Energy Jobs Act of 2010.

The Treasury Department recently published additional guidance on the Section 1603 renewable energy tax credit cash grant program, specifically with regards to the beginning of construction for projects utilizing 1603 funds.

U.S. Senator Maria Cantwell (D-Wash) last week proposed an amendment to the pending tax extenders bill (H.R. 4213) that would extend Section 1603 renewable energy tax credit cash grant program through the end of 2012.

Alaska Governor Sean Parnell signed two bills last week that establish a statewide energy policy (S.B. 220) to stimulate the state’s economy by attracting renewable energy investment.

The Community Development Financial Institutions (CDFI) Fund has released updated guidance for the 2010 New Markets Tax Credit (NMTC) program, including application questions-and-answers.

U.S. Senators Sherrod Brown (D-OH), Charles Schumer (D-NY), Jeff Merkley (D-OR), Robert Casey (D-PA) and Kay Hagan (D-NC) recently introduced a bill (S.3324) to expand and improve the Advanced Energy Manufacturing Tax Credit (48C) program.

The recently launched TaxInvestments.com is an online marketplace in the tax credit industry dedicated connecting buyers and sellers of trade-able tax credits. The website allows users to list and search any type of trade-able tax credit by name, address, tax credit amounts, tax credit delivery dates, tax credit types or any combination thereof.

U.S. Representative Phil Hare (D-IL), last week introduced the Security in Energy and Manufacturing (SEAM) Act (H.R.5041) to extend and improve the Advanced Energy Manufacturing Tax Credit program.

U.S. Senator Robert Menendez (D-NJ) last week introduced legislation (S. 3212) to provide tax incentives for the construction of “green” buildings.