In a move that will surely provide an additional boost for the alternative energy industry, and perhaps T. Boone Pickens‘ plan, the US Department of Treasury has finally released guidelines for claiming the grants instead of the federal tax credit. Applications will be submitted online. However, the Treasury will not be accepting applications at this time.

The American Recovery and Reinvestment Act passed in February allowed for business taxpayers to apply for direct payments instead of claiming a tax credit on their income tax return. This applied to the credit under Internal Revenue Code (“IRC”) Section 45 (Energy Produced for Certain Renewable Resources) and IRC Section 48 (Energy Credit). Property that applies to this includes geothermal, biomass, micro wind turbines, and solar amongst others.

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Came across a report from the Congressional Research Service (pdf) on biofuels. Dated Jan. 5, 2009, it’s a decent summary of federal incentives (pre-stimulus).

cursed thing, via flickr

Some numbers: There are 24 U.S. programs that support biofuels, mostly ethanol and biodiesel. They were established over the last 28 years and are administered by five government agencies: Environmental Protection, Agriculture, Energy, IRS, and Customs and Border Protection.

If policy drives business, it looks like there are 101 reasons to develop cellulosic biofuels (from plant waste rather than people food). There’s a $1.01 per gallon credit from the IRS for producers.

The appendix has a summary by agency. Something to chew on.

The Pew Center also has a guide to state incentives.

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