Notice 2015-12: New clean renewable energy bonds applications now open

New clean renewable energy bonds applications now open

The IRS today released an advance copy of Notice 2015-12, announcing the opening of an application period for allocations of the remaining available amount of the volume cap for new clean renewable energy bonds (New CREBs) under section 54C(a).

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Notice 2015-12 [PDF 122 KB] also includes guidance on (1) the application requirements and forms for requests for volume cap allocations, and (2) the method that the IRS will use to allocate the remaining volume cap.

The available amounts include forfeited amounts previously allocated under Notice 2009-33 and Announcement 2010-54. With today’s notice, the IRS identified the following amounts for reallocation:

  • $516,565,691.35 of volume cap available for reallocation for projects to be owned by public power providers—with an application deadline of June 3, 2015
  • $597,134,963.60 of volume cap available for reallocation for projects to be owned by governmental bodies
  • $280,778,469 of volume cap available for reallocation for projects to be owned by cooperative electric companies

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