The Treasury Department recently posted two documents relating to renewable energy properties that are not yet placed in service but that plan to apply a cash grant in lieu of tax credits under Section 1603 of the American Recovery and Reinvestment Act. For property not placed in service but for which construction began in 2009 or 2010, applications must be submitted after construction commences but before October 1, 2011. An applicant can show that construction has begun by beginning work of a physical nature, or by meeting a 5 percent safe harbor. Treasury also provided a “Begun Construction” checklist for applicants to ensure they have all of the required documentation to apply a grant under Section 1603 using either of these approaches. Read More…