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ARTICLE · 11 APRIL 2007

Clean Renewable Energy Bonds – Application Filing Deadline

Squire, Sanders & Dempsey L.L.P.
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The Internal Revenue Service (IRS) recently issued Notice 2007-26 (Notice) soliciting applications from qualified issuers (including political subdivisions) for allocations of volume cap to issue clean renewable energy bonds (CREBs) for eligible clean renewable energy projects. Applications must be filed with the IRS by July 13, 2007.

United StatesEnergy and Natural Resources

By Kenneth W. Bond, Jackson B. Browning Jr, Ernie K. Demanelis, Paul A. O'Hop and Harriet M. Welch

The Internal Revenue Service (IRS) recently issued Notice 2007-26 (Notice) soliciting applications from qualified issuers (including political subdivisions) for allocations of volume cap to issue clean renewable energy bonds (CREBs) for eligible clean renewable energy projects. Applications must be filed with the IRS by July 13, 2007.

What are CREBs?

CREBs are "tax-credit" bonds authorized in an initial amount of $800 million by Congress in the Energy Incentives Act of 2005. In 2006, Congress increased the authorized amount of CREBs from $800 million to $1.2 billion and also extended the last date for the issuance of CREBs to December 31, 2008. Before a qualified issuer can issue CREBs, it must first obtain an allocation of volume cap from the IRS. Last year, the IRS allocated the initial $800 million of volume cap to a total of 610 projects.

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