HOUSTON, June 23, 2017 /PRNewswire/ — alliantgroup, a leading tax consultancy and the nation’s premier provider of specialty tax services, and alliantNational, the firm’s Washington, D.C. based national office, are proud to announce the launch of a new Section 1603 renewable energy grants service line.
Originally passed as part of the American Recovery and Reinvestment Act of 2009, Section 1603 is a green energy subsidy program created by Congress to reimburse grant recipients for a portion of the cost to install certain types of energy systems at business locations. The Section 1603 grant is available in lieu of other energy tax incentives such as the Energy Investment Tax Credit (ITC) and the Renewable Electricity Production Tax Credit (PTC), but has the benefit of being a cash grant, unlike the non-refundable ITC and PTC tax credits. Due to the U.S. Court of Federal Claims ruling in Alta Wind V Owner Lessor v. United States, prior grant recipients can now recover any portion of 1603 grant awards that were improperly held by the Department of Treasury.
“The court’s ruling in the Alta Wind case represents a major victory for the renewable energy sector,” said alliantgroup Managing Director of Tax Controversy John Dies. “Given the bottom-line benefits of 1603 grants, I would encourage all renewable energy companies to explore their options when applying for new or evaluating old grants.”
Offering a long list of compliance and tax controversy services in the area of 1603 grants, alliantNational’s seasoned team of tax professionals, former IRS officials and licensed in-house engineers are uniquely qualified to assist energy project developers on all matters related to Section 1603. These services include a complete assessment of transactions, advisement on the tax implications of current and future projects, determining and justifying 1603 properties, full representation before the Department of Treasury and the IRS, and if necessary, full audit defense.
“Programs like Section 1603 are of immense importance due to their positive economic and environmental impact,” said Dhaval Jadav, alliantgroup CEO. “Considering the new taxpayer friendly precedent in this area, I would encourage all those involved in the renewable energy sector to take a look at Section 1603. It can produce valuable dollars for reinvestment for companies working in the renewable energy arena.”
alliantgroup’s mission is one of education and awareness—we help U.S. businesses and the CPAs that advise them properly claim and take full advantage of all available government-sponsored tax incentives. We have helped over 20,000 American companies claim over $5 billion in tax incentives. alliantgroup’s headquarters is in Houston, TX with offices across the country including New York, Chicago, Boston, Orange Country, Orlando, Indianapolis, Sacramento and Washington, D.C. For more information, find alliantgroup on Facebook, Twitter, and LinkedIn.