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FOR IMMEDIATE RELEASE
August 13, 2009
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Federal Tax Refund Applications Available for Renewable Energy Projects

HARRISBURG – Pennsylvania businesses that are taking on renewable energy projects that qualify for federal tax credits are encouraged to apply for a direct refund from the federal government, according to Senator Jane Orie (R-Allegheny).  The U.S. Department of Energy and the Department of Treasury recently announced a plan to support the development of approximately 5,000 renewable energy production facilities.

Orie said that the program will supply immediate cash payments in lieu of future tax credits.

"The cash payments will make funds available to companies and can be used immediately to invest in renewable energy projects, which will add jobs and improve our economy," Orie said. "Pennsylvania already has good programs in place and assist green energy production, including a tax credit program for renewable energy production. The federal program will provide another source of revenue that can help fund important environmentally projects."

As much as $3 billion in funding for the immediate federal tax credit program is being made available through the American Recovery and Reinvestment Act. A company that creates and places in service a renewable energy facility beginning Jan. 1, 2009 can receive an immediate cash payment to cover a portion of the project's cost. Previously, a company would receive a tax credit. This new program would generate an immediate cash payment to cover the eligible costs in lieu of future tax credits. Companies interested in applying for the federal refund program can visit https://treas1603.nrel.gov/.

CONTACT:

Mike Sarfert
(717) 787-6538