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Greenbriar Announces Improved US Treasury Tax Credit Guidelines for its Wind Projects
TSX.V Symbol: "GRB" Issued and Outstanding: 11,312,000 NEWPORT BEACH, CA , Sept. 2...
About this update from Greenbriar Sustainable Living Inc
[{"type":"text","content":"\n\n\nTSX.V Symbol: \"GRB\"\nIssued and Outstanding: 11,312,000\n\n\nNEWPORT BEACH, CA, Sept. 25, 2013 /CNW/ - Greenbriar Capital Corp.\n (TSXV: GRB) (OTC: GEBRF) is pleased to announce that the IRS made it\n easier this afternoon, for wind, biomass, geothermal, landfill gas and\n ocean energy projects that are completed by December 2015 to qualify\n for federal tax credits. The projects potentially qualify for\n production tax credits for 10 years on the electricity output or for a\n 30% investment tax credit on the cost.\n\n\nA project must be under construction by December 2013 to qualify.\n\n\nThere are two ways to start construction this year: by starting\n significant physical work on the project or by \"incurring at least 5%\n of the project cost\".\n\n\nHowever, the developer must also show that work on the project after\n this year is \"continuous\". Developers complained that this continuous\n work requirement is making it difficult to finance projects as banks\n and tax equity investors balk at taking the risk that the pattern of\n future work will fall short of what is required.\n\n\nThe IRS said this afternoon that the continuous work requirement will be\n treated as having been met automatically on any project that is placed\n in service by December 2015. It does not matter whether construction\n started under the physical work test or the 5% test. Developers whose\n projects go into service after 2015 will still have to show continuous\n work.\n\n\nThe IRS made the announcement in Notice 2013-60.\n\n\nThe Notice may cause developers to shift back to the physical work test\n rather than try to incur at least 5% of the project cost this year.\n Many developers had been focusing on the 5% test because it seemed to\n contemplate that a project could be merely under development by the end\n of 2013 while the physical work test required that it be truly under\n construction. Physical work this year had to be followed by \"continuous\n construction\", while incurring 5% of the cost had to be followed only\n by \"continuous efforts\". It is easier to start physical work than to\n incur at least 5% of the project cost.\n\n\nAbout Greenbriar Capital Corp.\n\n\nGreenbriar Capital Corp is a leading developer of renewable energy and\n sustainable real estate projects. With long-term, high impact,\n contracted sales agreements ...