ARRA creates a new 30% tax credit for investment in property used in a “qualified advanced energy manufacturing project,” i.e., a project which establishes, re-equips, or expands a manufacturing facility that produces products used in the production of energy from renewable sources, including wind.  The total amount value of credits available under the program is $2.3 billion.  Projects will be selected based on a reasonable expectation of commercial viability, innovation, job stimulation, and environmental benefits.  To receive the credit, projects must be certified by the Treasury Secretary in consultation with the Energy Secretary.  Credits will be awarded through an application process.  Treasury must announce requirements for the application by August 16.  Applicants have three years from the date of the award to place the project in service.

 

Benson, David, Greg Jenner, and Debra Frimerman. SHOW ME THE MONEY: The Law Of The Stimulus Package. 2009.