Post-Inauguration Webinar Series: Energy Provisions of the New Stimulus Bill
Thursday, March 5, 2009
As President Obama settles into the Oval Office, everyone is wondering what to expect from his new administration. In this series of post-inauguration webinars, Mayer Brown's Government & Global Trade practice, in conjunction with practices across the firm, is taking a closer look at the changes we might see under our new President and how his policies could affect areas such as energy, tax, legal reform, telecommunications, government contracts and antitrust, among others.
For the second event in our series, we will focus on the energy provisions of the American Recovery and Reinvestment Act of 2009 (the Act). Detailed guidance has been issued regarding the energy-specific provisions of the Stimulus, including such topics as direct spending, tax credits, procurement issues and loan guarantees. Please join us on Thursday, March 5 as we conduct a one-hour webinar discussing the energy provisions in the Act and the guidance that interprets them. Topics to be addressed include the following:
- Direct Spending. Of the total $70B in energy-related provisions in the Act , almost $50B is allocated for direct spending. We will outline where the direct spending will occur.
- Energy Tax Provisions. The Act extends and expands a number of tax incentives for renewable energy. We will discuss tax incentives provided under the Act, including the extension of the deadline for Production Tax Credits, the creation of an election to claim Investment Tax Credits in lieu of Production Tax Credits, the provision for grants in lieu of tax credits, and increased limits on New Clean Renewable Energy Bonds and Qualified Energy Conservation Bonds.
- Procurement Provisions & Oversight Measures. For energy-related work funded by the Act, companies will need to be aware of procurement provisions, preferences, and other new requirements. Companies should also be aware that the Act provides for increased oversight of fund recipients. We will discuss the application of these new requirements and the oversight authority the Act entrusts to the Recovery Accountability and Transparency Board and other authorities to ensure that companies are in compliance.
- DOE Loan Guarantee Program. The Act expands the Department of Energy Loan Guarantee Program for projects employing innovative technologies. We will address the categories of and eligibility criteria for "eligible projects and technologies," and the application process for obtaining a guarantee.