IRS Issues Q&A Guidance on Section 1603 Treasury Grants

March 2012

Overview

On March 9, 2012, the Internal Revenue Service released Notice 2012-23 containing guidance on tax issues related to the receipt of grants in lieu of tax credits for specified energy property under Section 1603 of the American Recovery and Reinvestment Act. The notice makes clear that receipt of a Treasury grant is only the beginning of an applicant's tax compliance process and emphasizes that the IRS will not view itself as bound by informal guidance Treasury gives applicants with respect to tax accounting issues.

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