• Application and Allocation Process for Clean Renewable Energy Bonds
  • January 3, 2006 | Authors: Dorothy B. Franzoni; Matthew W. Nichols
  • Law Firm: Sutherland Asbill & Brennan LLP - Atlanta Office
  • On December 12, 2005, the Internal Revenue Service ("IRS") issued a notice soliciting applications for allocations of Clean Renewable Energy Bonds ("CREBs"), which were created by the Energy Policy Act of 2005. Section 54 of the Internal Revenue Code authorizes up to $800,000,000 of CREBs to be issued by qualified issuers after December 31, 2005 and prior to January 1, 2008 to finance certain renewable energy projects. The IRS notice includes information on the eligibility requirements for the bonds and the Treasury's allocation methodology.