TAILIEUCHUNG - Financing Public Sector Projects with Clean Renewable Energy Bonds (CREBs)

Clean renewable energy bonds (CREBs) present a low-cost opportunity for public entities to issue bonds to finance renewable energy projects. The federal government lowers the cost of debt by providing a tax credit to the bondholders in lieu of interest payments from the issuer. Because CREBs are theoretically interest free, they may be more attractive than traditional tax-exempt municipal bonds. In February 2009, Congress appropriated a total of $ billion for the “New CREBs” program. No more than one-third of the budget may be allocated to each of the eligible entities: (1) governmental bodies, (2) electric cooperatives, and (3) public power. | N L National Renewable Energy Laboratory Innovation for Our Energy Future Energy Analysis Fact Sheet Series on Financing Renewable Energy Projects Financing Public Sector Projects with Clean Renewable Energy Bonds CREBs Clean renewable energy bonds CREBs present a low-cost opportunity for public entities to issue bonds to finance renewable energy projects. The federal government lowers the cost of debt by providing a tax credit to the bondholders in lieu of interest payments from the issuer. Because CREBs are theoretically interest free they may be more attractive than traditional tax-exempt municipal bonds. In February 2009 Congress appropriated a total of billion for the New CREBs program. No more than one-third of the budget may be allocated to each of the eligible entities 1 governmental bodies 2 electric cooperatives and 3 public power providers. Applications for this round of New CREBs were due to the Internal Revenue Service IRS on August 4 2009. There is no indication Congress will extend the CREBs program thus going forward only projects that are already approved under the 2009 round will be able to issue CREBs. This factsheet explains the CREBs mechanism and provides guidance on procedures related to issuing CREBs. On October 27 2009 the . Department of the Treasury announced the allocation of billion of issuing authority for New CREBs to successful applicants. Per IRS Notice 2009-33 the IRS plans to reallocate any unallocated volume cap as well as any relinquished or reverted allocations. Because 191 million of the volume cap for electric cooperatives was not allocated on October 27 there may be a supplemental allocation round for cooperative projects. CREBs Funding 2005. CREBs were created under the Energy Tax Incentives Act of 2005 and detailed in Internal Revenue Code Section 54 . The CREBs program was funded at 800 million. 2006. Legislation increased total CREBs funding to billion. 2008. The Energy Improvement and Extension Act of .

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