On November 20th, the Internal Revenue Service ("IRS") issued a press release regarding the Clean Renewable Energy Bond ("CREB") program and informed applicants that the IRS was in the process of sending letters to applicants about CREB allocations. A number of NEPPA members have requested CREB allocation, including the Princeton Municipal Light Department and the Hull Municipal Light Department, among others. Out of 709 applicants from over 40 different states, the IRS indicated it received 24 proposed project applications from the state of Massachusetts. No other New England state was specifically mentioned in the press release. Because of confidentiality laws, the IRS did not release the names of the successful and unsuccessful applicants or the individual amounts of project allocations.
APPA is collecting data from members that applied and were successful (or unsuccessful) in their bid for CREB allocation. This information will be used to help encourage Congress to enact legislation to expand and extend the program beyond the 2007 date currently authorized in the Tax Code.