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(WASHINGTON, DC) -- The IRS has a total of $1.4 billion worth of so-called New
Clean Renewable Energy Bonds ready for reallocation, the agency says.
Congress in 2008 and 2009 allocated a total of $2.4 billion worth of
CREBs, which can be used by power providers and others to finance
renewable energy projects by giving the bondholder federal tax credits
instead of part of the typical bond interest. The CREBs had to be used
within three years of issuance, however, and a bit more than half of the
volume cap remains now that that time has passed. The IRS says it has
available $517 million of CREBs for projects to be owned by public power
providers, $597 million for governmental entities like states or
cities, and $281 million for electric co-ops. An IRS notice describes
the application process for new CREB allocation: http://1.usa.gov/1zQHfnr
