The Departmetnt of Energy announced recently more than $2 billion in tax credits for “qualified advanced energy projects.”
“This program will help encourage innovation in design of clean energy technologies,” said Treasury Secretary Tim Geithner. “This partnership between Treasury and Energy adds an important new dimension to the incentives created in the Recovery Act to increase US manufacturing output, improve energy efficiency, and develop alternative sources of energy.”
The Recovery Act created a new tax credit program by authorizing Treasury to provide developers with an investment tax credit of 30 percent for facilities that manufacture particular types of energy equipment. Qualifying manufactures will produce solar, wind, and geothermal energy equipment; fuel cells, microturbines, and batteries; electric cars; electric grids to support the transmission of renewable energy; energy conservation technologies; and equipment that captures and sequesters carbon dioxide or reduces greenhouse gas emissions.
Said Energy Secretary Steven Chu: “These tax credits will help create thousands of high quality manufacturing jobs in some of the highest growth segments of the economy. This is an opportunity to develop our global leadership in clean energy manufacturing and build a secure, sustained base of jobs for America’s workers.”
The DOE has devoted a page on their website to a description of the Section 48C tax credits.
Applications for the QAEP credits are due by September 16, 2009. (Click here for guidance on the application process).
[...] Departments of Treasury and Energy issued joint guidance on the process for seeking over $2 billion in qualified advanced energy project tax credits. The [...]
Pingback by Renewable Energy Around the Web: August 17, 2009 « Renewable Energy Memo — August 17, 2009 @ 6:29 am
[...] previously reported, the Department of Energy and the Treasury Department recently issued joint guidance on the [...]
Pingback by White Paper on Qualified Advanced Energy Project Tax Credits « Renewable Energy Memo — August 20, 2009 @ 9:53 am
[...] covered the DOE’s guidance on QAEP (or Section 48C) tax credits and the application process now under [...]
Pingback by Renewable Energy Around the Web: August 24, 2009 « Renewable Energy Memo — August 24, 2009 @ 6:19 am
[...] American Recovery and Reinvestment Act allocated approximately $2.3 billion in tax credits for qualified advanced energy projects, defined to include projects that are intended to manufactured advanced energy property. [...]
Pingback by Renewable Energy Around the Web: August 31, 2009 « Renewable Energy Memo — August 31, 2009 @ 6:24 am
[...] Treasury and Energy Issue Guidance on over $2 billion in Section … [...]
Pingback by Children and tax credits — September 1, 2009 @ 6:22 am
[...] applications for Section 48C qualified advanced energy projects are due on September 16, 2009, just two days [...]
Pingback by Renewable Energy Around the Web: September 14, 2009 « Renewable Energy Memo — September 14, 2009 @ 7:30 am
[...] of Energy is hosting a webinar today for persons who submitted preliminary applications for Section 48C credits prior to yesterday’s deadline. The webinar does not seem to be open to the general public [...]
Pingback by Live Blogging Today from the DOE Section 48C Webinar « Renewable Energy Memo — September 17, 2009 @ 8:01 am