Department of Treasury Announces Reduction in Section 1603 Grant Due to Sequestration
The Department of Treasury recently announced that Section 1603 awards for grants made after March 1, 2013 will be reduced by 8.7% due to the Sequester. The reduced rate will be applied to grants issued through September 30, 2013 at which time the sequestration rate is subject to change.
Persons who have grant applications pending should consider pulling the grant application and claiming the Investment Tax Credit (ITC) on their tax returns. A member of the EisnerAmper Cleantech Team can assist you in determining how these cuts may impact you and explore the advantages of claiming the ITC.