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Tier One Energy Tax Credits Ending For This Year
9/27/2010
 
FOR IMMEDIATE RELEASE For more information contact:
 Diana Enright
 503-378-8278
 Kathy Shinn
 503-373-1033
10-58In Oregon (800) 221-8035
 
 
A high volume of Business Energy Tax Credit (BETC) applications for smaller renewable energy projects means the available credits will end soon.  The projects, with costs less than $500,000, are being processed on a first-come, first-served basis.  Known as Tier One projects, $10 million in tax credits had been set aside for these proposals under the BETC cap; about $1 million remains. 
 
Legislation passed earlier this year put a $300 million cap on the amount of potential Business Energy Tax Credits available for renewable energy projects.  It also put in place a tiered priority system.  Approximately $82 million of the $300 million cap was available for June 1, 2010 through June 30, 2011, the end of the current biennium.  
 
Of the $82 million available, $60 million in tax credits were set aside for June 1, 2010 through December 31, 2010, and broken down in three categories:
  • Tier One: $10 million available for applications requesting less than $500,000 in project costs, processed on a first come basis.

  • Tier Two: $20 million available for applications of $500,000-$5,999,999 in tax credits.  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).  Ten projects were approved to move forward for a technical review in the first round.

  • Tier Three: $30 million available for applications of $6 million or more in project costs, subject to a competitive process and independent third-party review.  The three projects selected for the technical review phase of this tier were announced earlier this month.
     
Applications and information for the second round of Tier Two will be available soon.