Details released for manufacturing tax credit

The government has released new details on the Qualifying Advanced Energy Project Credit, commonly known as the Manufacturing Investment Tax Credit, a provision in the 2009 American Recovery and Reinvestment Act. It lets companies receive a tax credit of up to 30% of their investment in new, re-equipped and expanding manufacturing facilities that provide equipment for wind turbines and other green technologies. The program has been allocated $2.3 billion.

Projects will be ranked by DOE through four criteria that include direct and indirect job creation during the credit period, net impact in avoiding or reducing air pollutants and emissions of greenhouse gases, potential for innovation and commercial deployment, and shortest project time from certification to completion. Overall, projects must be completed within four years. In considering the applications, DOE will also strive for diversity geographically, technologically, and in size.

Parties interested in these funds must submit separate applications to DOE and the IRS. Preliminary applications to DOE must be received between August 14 and September 16. Final applications are due October 16, and applicants will be notified of their status in January

More information:

http://www.energy.gov/recovery/48C.htm