IRS Will Not Tax Smart Grid Grants to Corporations: GridWise
Source: GridWise Alliance
Washington – The GridWise® Alliance today welcomed the determination by the Internal Revenue Service (IRS) that smart grid grants to corporations will not be subject to taxation. Thanks to the hard work of the Department of Energy’s (DOE) General Counsel and Recovery Act Team as well as letters from industry groups like the GridWise Alliance, EEI and NARUC, nearly all of the smart grid projects funded by DOE can now commence.
“We are thrilled that the IRS has made this decision and that our advocacy efforts played a positive role in their decision,” stated Katherine Hamilton, President of the GridWise Alliance.
“Now these smart grid technologies can be deployed and begin doing what they are intended for — stimulating the economy. These projects will make our electric grid more reliable, flexible and efficient, while creating much needed jobs in utilities, manufacturing and across the energy value chain.”
In an effort to move this decision forward, the GridWise Alliance sent letters to the General Counsel at DOE, Treasury Secretary Tim Geithner and had responded to substantive and technical questions throughout the process from Congress and the White House. “This is one issue on which we all agree; we are very pleased with the outcome,” concluded Hamilton. “We eagerly await the results of smart grid implementation so that we can demonstrate the success of these technologies.”