Ostensibly, the American Recovery and Reinvestment Act, aims to jumpstart U.S. economy, provide and rescue employment opportunities and serve as a mode to address neglected economic issues. Now a law, its viability would be tested in solving or at least lessening the financial woes lurking in the country. The epic scope of this act will impact every facet of the American economy. But how will it affect you and your company?
The Knowledge Congress is assembling a panel of distinguished professionals and key regulators to help explore the issues surrounding the Recovery and Reinvestment Act and the impact it will have on the economy. The speakers will present their expert opinions in a two-hour LIVE Webcast.
Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Conference
Recommended CLE/CPE Hours: 2.0
(Please note, your State Bar or Accounting Board will make the final determination with respect
to continuing education credit.)
Advance Preparation: Print and review course materials
Course Code: 093852
William M. Gienke, C.P.A
Corporate Director, Technical Market Intelligence
Sean Shimamoto
Partner
Howard Steinberg
Partner, National leader, Tax Restructuring and Corporate Recovery practice
Marc J. Gerson
Member
William M. Gienke, C.P.A, Corporate Director, Technical Market Intelligence, Jefferson Wells
- Highlight for commercial entities the key opportunities and compliance risks arising fromthe Recovery Act
- Discuss the mechanics of how funds will flow from the Federal government to local governments and businesses
- Discuss current and emerging reporting expectations of Federal and other funding agencies
- Identify leading practices to mitigate risks associated with the “unprecedented level of transparency and accountability” required of recipients.
Howard Steinberg, Partner, National leader, Tax Restructuring and Corporate Recovery practice, KPMG LLP
- COD
- AHYDO
- Other Tax Provisions
Sean Shimamoto, Partner, Skadden, Arps, Slate, Meagher & Flom LLP
The American Recovery and Reinvestment Act of 2009 (the "Act") contains a number of energy-related tax provisions of interest to lenders to, developers of, and investors in, renewable energy projects:
Three-Year Extension of Renewable Energy Production Tax Credit. The Act extends for three years the renewable electricity production credit under section 45 for qualified wind facilities placed in service before January 1, 2013. The Act also extends for three years the renewable electricity production credit under section 45 for other qualified facilities (i.e., closed-loop biomass, open-loop biomass, geothermal, small irrigation, hydropower, landfill gas, waste-to-energy and marine renewable facilities) placed in service before January 1, 2014.
Election for Investment Tax Credit In Lieu of Production Tax Credit. The Act permits taxpayers to claim (in lieu of the section 45 renewable electricity production credit) a section 38 general business credit for 30 percent of the basis of property that would otherwise be eligible for the section 45 credit (other than small irrigation, refined coal production and Indian coal production facilities).
Grants for Specified Energy Property In Lieu of Investment Tax Credit. The Act authorizes the Secretary of the Treasury to provide grants to taxpayers otherwise eligible for the investment tax credit (including qualified facilities that are eligible for the section 45 renewable electricity production credit but elect to claim the investment tax credit as discussed above) in an amount equal to the investment tax credit otherwise available with respect to energy projects (i) placed in service during 2009 or 2010 or (ii) the construction of which began during 2009 or 2010.
Repeal of Limitation on Investment Tax Credit. The Act repeals this limitation on the amount of the investment tax credit for energy property.
One-Year Extension of Bonus Depreciation. The Act allows taxpayers that acquire and place in service certain qualified property (in general, depreciable property with a recovery period of less than 20 years) before January 1, 2010, to claim a depreciation deduction equal to 50 percent of the adjusted basis of the property in the year the property is placed in service (with the remaining 50 percent depreciable pursuant to the generally applicable rules).
Marc J. Gerson , Member, Miller & Chevalier Chartered
Business Incentives to Improve Cash Flow
1. Bonus depreciation /small business expensing and NOL carry back Provisions
2. The government contractor withholding provision
- Controllers, CFOs and Finance Directors
- Tax consultants/managers
- Mergers and Acquisitions, Tax attorneys
- Senior Bank/Financial Institution Officers
- Bank Counsel and Directors
- Finance Professionals
- CPAs
This is a must attend event for anyone interested in understanding the American Recovery and Reinvestment Act and its implications.
- New guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A