American Recovery Reinvestment Act | Section 1603 Federal Grant
What is the purpose of the American Recovery and Reinvestment act of 2009 (ARRA)?
The purpose is to preserve and create jobs, to promote economic recovery in the near term and in vest in infrastructure that will provide long term benefits.
Section 1603 of the ARRA tax title appropriates funds for payments to businesses who incorporate specified renewable energy projects into their business models in 2011.
As a qualified business you may be eligible to receive up to 30% of the cost of your solar renewable energy project by means of a Federal Grant. By receiving cash grant payments for property under section 1603, applicants are electing to forego tax credits under sections 45 & 48 of the IRC with respect to such property for the taxable year in which payment is made or any subsequent taxable year.
Eligible projects must commence construction by end of year 2011.
Businesses that meet the terms and conditions set forth by the US Treasury, will receive payment within 60 days from the date of application completion. The 1603 program will temporarily fill the gap created by the diminished investor demand for tax credits. The near term goal of creating and retaining jobs is achieved, as well as the long term benefit of expanding the use of clean, renewable energy and decreasing our dependency on non-renewable energy sources.
For more information about solar energy, funding and eligibility please contact Western Colorado’s commercial solar developer experts, Syndicated Solar.
About Syndicated Solar
Syndicated Solar’s company headquarters are located in Greenwood Village, CO at 5613 DTC Parkway, Suite 210 in zip code 80111. Syndicated Solar is a commercial, industrial and agricultural solar energy developer that employs the industry’s highest skilled engineers, accountants, grant writers, and installers.
Syndicated Solar assists their clients from conception to completion of their solar development projects.
Syndicated Solar’s team of solar developers is all in-house employees, thus barring the need for outside contractors, and ensuring the flawless collaboration from start to finish. Learn More About Syndicated Solar.