Diana Enright, 503-378-8278
Cliff Voliva, 503-378-3637
SALEM — The Oregon Department of Energy filed new permanent rules yesterday for the Business Energy Tax Credit program. The rules went into effect immediately.
Although the 2011 Oregon Legislature replaced the BETC program with the new Energy Incentives Program, the Oregon Department of Energy still must carry out its obligations to BETC participants before that program officially ends July 1, 2014.
The rule amendments do three things:
Provide a safe harbor date for projects subject to the July 1, 2014 sunset date to submit final applications at least 60 days before the expiration of their preliminary certification, or by May 1, 2014.
Expand the transfer process to include all projects unable to find a pass-through partner prior to the sunset date. Project owners have 24 months from the date of the final certificate to utilize the transfer process. Prior to the program sunset, projects owners use the pass-through process to transfer a tax credit.
Make permanent the Nov. 16, 2012, temporary rule that defines “use” as any time the tax credit offsets any portion of the applicant’s tax liability, rendering the tax credit nontransferable.
A copy of the new rules can be found on the ODOE website at http://www.oregon.gov/energy/CONS/BUS/Pages/BETC-Rulemaking-for-Pass-through%2c-Transfer-and-Sunset-Provisions.aspx
About the Oregon Department of Energy: The Oregon Department of Energy provides tax credits, grants, loans, technical assistance and energy information for home owners, businesses, manufacturers, farms, ranches, schools and governments.