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Energy Tax Policy Act of 2005 P.L. 109-58

P.L. 109-58 – Energy Tax Policy Act of 2005

Section 1303 of the Energy Tax Policy Act of 2005, signed into law on August 6, 2005 added section 54 to the Code, introducing a new type of tax credit bond, the clean renewable energy bond (CREB). Proceeds of these bonds are used to finance certain renewable energy projects described in section 45 of the Code. Section 54 authorizes the Treasury secretary to allocate an $800 million national limitation among qualified issuers of the bonds.

Notice 2005-98, 2005-IRB 1211 (December 27, 2005)
This Notice solicits applications for allocations of the clean renewable energy bond limitation under section 54(f) of the IRC. The Notice also (a) provides guidance on the requirements a project must meet in order to be eligible to obtain an allocation of the limitation; (b) the methodology the Treasury Department will use to allocate the limitation and (c) the credit rate, maximum term and information reporting requirements applicable to clean renewable energy bonds.  The notice also announced that temporary and proposed regulations will be issued and described certain remedial action provisions and arbitrage restricts that will be contained in those regulations.  Applications for allocation of the CREB limitation must be filed by April 26, 2006, pursuant to the Notice.

Notice 2006-7, 2006-IRB 2006-IRB 385  (February 16, 2006)
This Notice provides additional guidance with respect to facilities that may be financed with the proceeds of CREBs under Code Section 54(a) In addition, guidance is provided with regard to the entities that may own facilities financed with these bonds as well as entities that may issue CREBS.

Text of P.L.109-58 (119 STAT. 594)

Page Last Reviewed or Updated: 07-Feb-2017