IRS Accepting Applications for New Clean Renewable Energy Bond Projects
Earlier this month, the IRS announced it would solicit and accept applications for the reallocation of volume cap of federal money allocated to "New Clean Renewable Energy Bonds" ("New CREBs").
The New CREB Program
How to Apply
Nearly $800,000,000 Available for Public Power Providers and Cooperative Electric Companies
Renewable Energy Facilities - All bond proceeds must be spent on a "qualified renewable energy facility," including wind, solar, or geothermal facilities which produce electricity
Subsidized Interest - One of the key features of New CREBs is that the federal government directly subsidizes up to 70% of each interest payment, which often equates to a better net interest than traditional tax-exempt bonds
Complete IRS Application - A portion of IRS Notice 2015-12 (found here) contains the application required to be submitted in order to be considered for a New CREB allocation
Application Period - Begins March 5, 2015
First-Come, First-Served - The IRS will consider the approval of applications on a first-come, first-served basis, subject to additional factors for approval
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This publication is intended for general information purposes only and does not and is not intended to constitute legal advice. The reader must consult with legal counsel to determine how laws or decisions discussed herein apply to the reader's specific circumstances.