Navigating through the American Recovery and Reinvestment Act of 2009 to determine if funds are available for your proposed project can be a daunting task indeed. Harris Beach has a team of professionals dedicated to helping you recognize and take advantage of federal stimulus funding opportunities. We can help you identify programs that meet the stimulus plan’s eligibility requirements, as well as assist you with initiating and completing your projects and new business initiatives. New York state is receiving approximately $25 billion in federal stimulus funds to be applied to a wide range of select projects, including energy related programs, infrastructure improvements, education programs, and economic and community development. Resources are being allocated to assist public and private organizations, municipalities and quasi-governmental agencies, school districts, and community organizations with funding-eligible programs and projects.
Harris Beach is a leading law firm in many of the public sectors and private industries that are eligible to receive federal resources. Our statewide practice involves working with municipalities, agencies, school districts, and developers on all aspects of economic development projects, assisting municipalities and school districts with financing their infrastructure and capital improvement projects, and providing grant writing services to help secure funding.
Energy and environmental related projects and programs are receiving significant attention and resources with the growing awareness of the nation’s need for a diversified and sustainable energy supply. Our practice serves renewable energy businesses, traditional natural gas and electric energy service providers, public service corporations, businesses, hotels, and universities interested in pursuing the myriad projects identified by the state as qualified to receive federal energy related funds.
Harris Beach Analysis and Advisories:
We will continue to provide ongoing Analysis and Advisories to keep you current with relevant ARRA funding program updates. |
 | Tax Credit Assistance Program Grants Available for Qualified Housing Projects |
| Governor Paterson Outlines Vision To Make New York Global Leader In New Economy |
| ARRA Provisions Applicable to IDAs provides a summary of changes to small issue, bank qualified, tax-exempt, and recovery zone facility bonds which may be of interest to Industrial Development Agencies (“IDAs”) in New York state. |
| This Memorandum discusses the key provisions of the American Recovery and Reinvestment Act of 2009 (“ARRA”) and the Internal Revenue Service guidance issued to date dealing with build America bonds, Recovery Zone Economic Development Bonds, and Qualified School Construction Bonds, as well as the expanded authority provided by ARRA to issue other types of qualified tax credit bonds. |
| Table of Comparative Provisions of Tax Credit Bonds Provisions Under the American Recovery and Reinvestment Act |
| Recovery Zone Facility Bonds(RZFBs) |
| ARRA Provisions Applicable to School Districts The U.S. Department of Education has produced a document on use of Recovery Act funds. The document is intended to spark ideas about how schools and districts might use Recovery Act funds, particularly under the State Fiscal Stabilization Fund, Title I, and the Individuals with Disabilities Act Part B.
As the guidance shows, creating commitments beyond the term of the funds availability is not recommended. This means spending the funds solely to create jobs or avoid layoffs is not the intended use of the funds
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The Community Development Financial Institutions Fund
As part of the American Recovery and Reinvestment Act of 2009, the Community Development Financial Institutions Fund (CDFI) was given authority to allocate an additional $1.5 billion in funding under the New Markets Tax Credit Program retroactive to its 2008 allocation round. The NMTC Program permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities. The announcement of this award is posted on the Treasury's Community Development Financial Institutions Fund website: (http://www.cdfifund.gov/index.asp). As stated on its website, the CDFI Fund's mission is to expand the capacity of financial institutions to provide credit, capital, and financial services to underserved populations and communities in the United States. For more information about the New Markets Tax Credit Program and the Community Development Financial Institutions Fund, please contact Harris Beach partner Anthony P. Marshall.
Informational Links
To help you better understand the scope of the stimulus plan in New York state, we have posted resources we have found valuable in identifying the types of programs eligible to receive federal funds.Please let us know how best we can assist you in navigating through these resources to identify your specific opportunities.
Governor David Paterson’s New York State (NYS) web site details how the money will be spent and how interested entities may apply for funding. The site also includes NYS recovery act:
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| | Projects and Programs |
| | Projects Map |
Senator Kirsten Gillibrand’s ARRA Guidebook provides a comprehensive overview of NYS funding opportunities broken out by sector (e.g., energy, education, workforce development).
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NYSERDA Economic Recovery and Energy web pages list funding opportunities, outline available energy efficiency and conservation block grants, and allow visitors to sign up for periodic economic stimulus updates. |
U.S. Department of Energy's (DOE) web site provides periodic updates on recovery act funding along with other valuable information including:
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| | Funding Opportunities |
| | Available Tax Breaks |
| | DOE Recovery Act Clearinghouse FAQs |
Environmental Facilities Corporation (EFC) web pages detail economic recovery funds for the Clean Water State Revolving Fund (SRF) and the Drinking Water SRF. |
New York State Department of Environmental Conservation (DEC) web pages delineate environmental funding for specific DEC and Federal Agency implemented projects. |
Environmental Protection Agency (EPA) web pages describe EPA Recovery
Act programs and requirements as well as tools and best practices to assist those seeking funding. |
New York State Education Department (SED) web pages include a slide show outlining ARRA appropriations for education, projected state distribution to districts, program updates, and other useful information. |
Listing of Appropriations in American Recovery and Reinvestment Act of 2009 (ARRA) Energy Efficiency, Renewable Energy, and Related Clean Energy Initiatives - April 30, 2009, Rev. 1; May 5, 2009; May 7, 2009; May 12, 2009 |
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Treasury Department releases guidance for the Section 1603 program
Washington, DC, July 9, 2009...The Treasury Department today released guidance for the Section 1603 program created by the American Recovery and Reinvestment Act of 2009. The Section 1603 program will provide direct payments in lieu of investment tax credits to companies that create and place in service renewable energy facilities beginning January 1, 2009.
The Treasury Department published terms and conditions , program guidance and a sample application . Applications are not currently being accepted, but the Treasury Department says a web based application will be launched the coming weeks.
Renewable Energy Tax Credit-Section 1603
Section 1603 of the American Recovery and Reinvestment Act (ARRA) authorized the U.S. Department of the Treasury to make payments, in lieu of applicable tax credits otherwise provided under Section 45 or 48 of the Internal Revenue Code, to persons who place in service specified energy products meeting certain conditions. Such persons must be the owner of the specified energy property, unless the owner assigns such right to claim to the payment to its lessee.
In implementing this Renewable Energy Tax Credit (RETC) program, Treasury and the U.S. Department of Energy are providing an estimated $3 billion for the development of renewable energy projects around the country. This program is expected to provide direct payments in lieu of tax credits in support of an estimated 5,000 bio-mass, solar, wind, and other types of renewable energy production facilities.
Harris Beach Assistance
The following Harris Beach practices can assist clients in identifying and accessing ARRA funds and executing ARRA-related projects:
Nonlegal Consulting
HB Solutions LLC, a consulting affiliate of Harris Beach, provides fully-integrated, complementary nonlegal consulting services to those seeking ARRA funding, including grant writing.
HB Cornerstone provides organizations design, construction, and project management support to facilitate shovel ready projects.
