Washington, DC, U.S.A. — (METERING.COM) — March 15, 2010 – Under guidance from the United States Department of Treasury and Department of Energy Recovery Act funding under the $3.4 billion Smart Grid Investment Grant program is deemed to be non-taxable.
This will enable corporate utilities to launch their investments with a clear indication of the tax status for their projects, and will allow the Department of Energy to move forward quickly to finalize grant agreements over the coming weeks.
“Smart Grid Investment Grants help encourage innovation in the way we power our homes and businesses,” said Treasury assistant secretary for management Dan Tangherlini. “By clarifying the tax treatment of Smart Grid Investment Grants, we are ensuring that their full impact is felt in the communities where these investments are being made.”
More than $3.4 billion was allocated in the Smart Grid Investment Grant program, making it the largest single energy grid modernization investment in U.S. history. Through this program, one hundred private companies, utilities, manufacturers, cities and other partners are receiving funding to implement a broad range of technologies that will spur the nation’s transition to a smarter, stronger, more efficient and reliable electric system (see U.S. smart grid stimulus funding awarded).