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Renewable Energy Tax Credit Deadline Approaching
6/23/2010
FOR IMMEDIATE RELEASEFor more information contact:
 Diana Enright
 503-378-8278
10-24In Oregon 800.221.8035
 
The deadline is approaching to submit Business Energy Tax Credit (BETC) applications for renewable energy proposals where the projected costs are more than $500,000 and less than $6 million.  These competitive Tier 2 renewable energy resource tax credit applications must be received by the Oregon Department of Energy by 5 p.m. June 30, 2010.
 
The 2010 Legislative Special Session put a $300 million cap on the amount of potential Business Energy Tax Credits available for renewable energy projects.  The cap covers the current biennium that began July 1, 2009 and ends June 30, 2011. 
 
The legislation also created a tiered priority system for evaluating tax credit applications.  There are three tiers for applicants interested in the remaining tax credits, which cover up to 50 percent of projected costs.  About $60 million is available for the funding cycle ending December 31, 2010.
  • Tier 1: $10 million in tax credits available for applications where the projected costs are less than $500,000.  These are processed on a first come basis.
  • Tier 2: $20 million in tax credits available for applications of $500,000-$5,999,999 in projected costs.  These are subject to a competitive review with two funding periods of $10 million each (June 1-August 31, 2010 and October 1-December 31, 2010).
  • Tier 3: $30 million in tax credits available for applications of $6 million or more in projected costs, subject to a competitive process and independent third-party review.
 
Under Tier 1, applications received to date total about $3 million of the $10 million available for renewable energy tax credits.  Tier 1 applications are reviewed and processed as they are received, until the $10 million limit is reached. 
 
Tier 2 applications due June 30 will be reviewed and scored during July, with award announcements expected in August. 
 
Tier 3 applications must be received by the Oregon Department of Energy by 5 p.m. on July 30, 2010.
 
Further details about the application process and funding cycles are posted on the Oregon Department of Energy Web site at:
www.oregon.gov/ENERGY/CONS/BUS/tax/BETC-Renewables.shtml