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Sequestration to Result in Across-the-Board 8.7 Percent Reduction of 1603 Grant Payments

Sequestration to Result in Across-the-Board 8.7 Percent Reduction of 1603 Grant Payments
Saturday, March 9, 2013

The United States Department of the Treasury released a notification on March 4, 2013 clarifying how sequestration will affect payments awarded under Section 1603 of the American Recovery and Reinvestment Tax Act of 2009 for specified energy property in lieu of tax credits. Treasury stated that it will reduce the amount of each final award issued from March 1, 2013 through September 30, 2013 by 8.7 percent, regardless of when the application was received by Treasury.  The 8.7 percent sequestration rate is subject to change following September 30, 2013.

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