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Washington, D.C. - The American Reinvestment and Recovery Act of 2009 (ARRA) authorizes the U.S. Department of Treasury to award $2.3 billion in tax credits for qualified investments in advanced energy projects, to support new, expanded, or re-equipped domestic manufacturing facilities. As a result, the Department of Treasury has launched a program to provide a 30 percent manufacturing tax credit for producing renewable energy, energy storage and other clean energy equipment.

The tax credit would go to those who invest in building new or expanding existing factories. Projects that replace older factory equipment also would qualify. The program is available to a wide range of manufacturers, including those in solar, wind, geothermal, fuel cells, batteries, smart grid, plug-in hybrid cars and components, renewable fuel refining, energy efficient lighting, and carbon capture and sequestration.

The application period opened August 14, 2009. Preliminary applications are due to DOE September 16, 2009, followed by final applications being due on October 16, 2009. The U.S. Department of Energy and the Internal Revenue Service (IRS) will review and make determinations on the eligibility and merit of applications. By January 15, 2010, IRS will certify or reject applications, and notify the certified projects with the approved amount of their tax credit. The recipients would then receive an acceptance agreement from the IRS by April 16 next year. Projects must be completed within 4 years of their tax credit acceptance.

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