Clean technology
Attestation Engagement Energy Grants
Target Audience Companies in the alternative energy and clean technology industry sector including: electric, smart grid, water management, renewable energy alternatives, solar, PV solar, bio fuels, wind, oil, gas, coal and nuclear.
Feeley & Driscoll, specializes in providing companies with audits for energy credits in accordance with AICPA's attestation standards. For those companies seeking relief under Section 48 Energy Investment Credit, F&D can provide an independent accountant's report to determine the eligible cost basis of clean technology property and grant money eligibility.
How it works
The American Recovery and Reinvestment Act of 2009 was created to preserve and create jobs and promote economic recovery in the near future. Through this act the government will invest in infrastructure that provides long-term economic benefits. Section Five of the act specifies Program Guidance for the Payments for Specified Energy Property in Lieu of Tax Credits targeted towards those clean technology companies who are seeking government aid for renewable energy projects.
Under this act money is used to reimburse participants for a portion of their expenses while servicing energy property weather used in trade, business, or held for the production of income. Audit requirements vary in accordance with grant request size described briefly below:
- Those companies requesting grants greater than $1 million: Requesting a grant of $1 million or more for a specified property request that an audit be conducted to attest to the accuracy of costs claimed as the basis of the property.
- Those companies requesting grants under $1 million: Requests for grants under $1 million for properties that have cost basis in excess of $500,000 must at least submit a report of Agreed Upon Procedures (AUP) prepared by an independent accountant. The CPA will certify the costs in accordance with determining property for federal income taxes.
Energy Property described under IRC section 48
The government explicitly defines the property that is eligible to receive grant money under section 48:
- Solar property
- Geothermal property
- Qualified fuel cell property
- Qualified micro turbine property
- Combined heat and power (CHP) system property
- Qualified small wind energy property
- Geothermal heat pump property
For more information about how to determine your eligibility for the grants please call Feeley and Driscoll's clean technology accountants Email us or call us at 1 (888) 875- 9770. We can help your company conduct the audits necessary to move forward in taking advantage of these credits.
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