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Proposed tax bill extends 1603 Program
By Anna Austin | December 10, 2010
A tax bill that will be voted on next week extends the start-of-construction deadline in the Section 1603 program that allows power projects eligible for the federal production tax credit or investment tax credit to instead elect a 30 percent project
...The Reid Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 includes a component that should significantly benefit the developing biomass power industry—a continued Section 1603 Program, which extends for one year the start-of-construction deadline for the for the cash grant in lieu of tax credit program, which was established in the Recovery Act.
The 1603 Program enables qualifying renewable power projects that are eligible for either the federal production tax credit or investment tax credit to instead elect a 30 percent project reimbursement cash grant administered by the U.S. Department of the Treasury. In order to reap that benefit, however, project construction had to begin by the end of 2010.
http://biomassmagazine.com/articles/5166/proposed-tax-bill-extends-1603-program
By Anna Austin | December 10, 2010
A tax bill that will be voted on next week extends the start-of-construction deadline in the Section 1603 program that allows power projects eligible for the federal production tax credit or investment tax credit to instead elect a 30 percent project
...The Reid Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 includes a component that should significantly benefit the developing biomass power industry—a continued Section 1603 Program, which extends for one year the start-of-construction deadline for the for the cash grant in lieu of tax credit program, which was established in the Recovery Act.
The 1603 Program enables qualifying renewable power projects that are eligible for either the federal production tax credit or investment tax credit to instead elect a 30 percent project reimbursement cash grant administered by the U.S. Department of the Treasury. In order to reap that benefit, however, project construction had to begin by the end of 2010.
http://biomassmagazine.com/articles/5166/proposed-tax-bill-extends-1603-program
