Treasury Announces Second Round of Energy Cash Assistance

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Tax Credit Advisor, October 2009: The U.S. Treasury Department on 9/22/09 reported the   second of two rounds of cash assistance awards to energy production companies under Section 1603 of the American Recovery and Investment Act. This section permits taxpayers to apply to Treasury to obtain grants in lieu of claiming the investment tax credit for eligible new renewable energy production facilities and equipment, including those that utilize solar and wind.      

In the second round, Treasury made an additional $550 million in grants to companies for 25 projects. In the first round, Treasury announced $502 million in grants for 12 projects.

Treasury expects to provide more than $3 billion in cash assistance payments to support an estimated 5,000 biomass, solar, wind, and other types of renewable energy facilities over the life of the program.