IRS ruling: no taxes on smart grid grants
Projects to upgrade the nation’s electric system received a boost from the Internal Revenue Service, which ruled corporations won’t have to pay taxes on Smart Grid Investment Grants.
The economic stimulus bill provided $3.4 billion for the program, which will help businesses, utilities and local governments adopt technologies that will save energy, increase efficiency and foster the growth of renewable energy sources such as wind and solar.
The IRS decision will enable the Department of Energy to complete grant agreements with businesses, according to the department.
“This is an important step toward reaching the administration’s goal of a more reliable and efficient electrical grid,” said Matt Rogers, senior adviser to the secretary of Energy. “As these projects move forward, they will create thousands of new jobs and bring smart grid technologies to communities around the nation.”
The IRS decision also pleased the GridWise Alliance, which lobbied for the ruling.
“Now these smart grid technologies can be deployed and begin doing what they they are intended for — stimulating the economy,” said GridWise Alliance President Katherine Hamilton.
Read the full story via the Pittsburgh Business Times.
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