Woodland HIlls, CA (PRWEB) July 16, 2012
Infocast’s B2BWebinars.net, a provider of cutting-edge intelligence that business leaders rely on to drive growth, has announced the 2012 Transfers of Section 1603 Grant-Eligible Property webinar. The online event will take place on July 31, 2012 and feature Ellen Neubauer, the Grants Program Manager within the Office of the Fiscal Assistant Secretary, U.S. Department of the Treasury.
The U.S. Treasury’s Section 1603 Grants for Specified Energy Property in Lieu of Tax Credits Program, which Neubauer is responsible for the overall management of, is approaching important deadlines. The program, under the American Recovery and Reinvestment Act of 2009, allows energy property projects – as defined by the Internal Revenue Code – to receive a cash payment instead of investment or production tax credits. The payment will be either 10 percent or 30 percent of the tax basis of the property, depending on the type of project.
However, applications must be submitted prior to September 30, 2012, project construction must have begun before the end of the year and eligible projects must be placed in service by the credit termination date, which varies for different technologies. In order to be considered under construction, a project must begin physical work or meet a 5 percent safe harbor requirement. According to the Department of the Treasury, physical work is defined as continuous construction, which excludes preliminary stages such as planning, designing and preparing land.
In the webinar, Ellen Neubauer will be joined by Laura Hegedus, Special Council from Cooley, LLP. The distinguished speakers will discuss current sales of development-stage renewable energy projects in the US market and application of guidance from the US Department of the Treasury governing transfers of renewable energy assets and equipment. In particular, the speakers will focus on properties that met the Treasury’s “beginning construction” deadline in December 31, 2011 and the potential impact of subsequent transfer on the property’s eligibility for a Treasury grant under section 1603.
Treasury rules as applied to third-party sales, joint ventures and affiliate transactions will also be covered, as well as what information will be required to be disclosed by applicants on a project’s preliminary Treasury grant application due September 30, 2012.
For more information or to register for the webinar, visit http://www.b2bwebinars.net/grantweb or call 818-888-4444.
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