n-18-15.pdf

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New Clean Renewable Energy Bonds

Notice 2018-15

SECTION 1. PURPOSE

This Notice withdraws the solicitations in Notice 2015-12, 2015-10 I.R.B. 700,
and Notice 2017-66, 2017-45 I.R.B. 487, for applications for the remaining unused
national limitation of authority to issue new clean renewable energy bonds (New
CREBs) under § 54C of the Internal Revenue Code (the Code). Section 54C of the
Code was repealed by section 13404 of Public Law No. 115-97, 131 Stat 2138 (2017)
(Public Law No. 115-97), effective for bonds issued after December 31, 2017.
SECTION 2. BACKGROUND
Section 54C of the Code authorized the issuance of up to $2.4 billion (volume
cap) of New CREBs for qualified renewable energy facilities (as defined in § 54C(d)(1))
(projects). Section 54C(c)(2) provided that up to 1/3 of the volume cap is to be
allocated to projects to be owned by public power providers, governmental bodies, and
cooperative electric companies, respectively.
Notice 2015-12 solicits applications for allocations of the remaining available
volume cap of New CREBs for projects to be owned by public power providers,
governmental bodies, and cooperative electric companies. Section 4.c. of Notice 2015-
12 provides that applications for projects to be owned by governmental bodies or

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cooperative electric companies may be submitted beginning on March 5, 2015. Section
5.a.(ii) of Notice 2015-12 provides that, except as otherwise provided by section 5 of
Notice 2015-12, the Internal Revenue Service (IRS) will allocate the remaining available
volume cap designated for projects to be owned by governmental bodies or cooperative
electric companies, respectively, on a first-come, first-served basis by order of
submission date (as defined in section 4.a. of Notice 2015-12). Notice 2015-12
provides no deadline for applications for projects to be owned by governmental bodies
or cooperative electric companies. Under section 4.b. of Notice 2015-12, the deadline
for applications for projects to be owned by public power providers is June 3, 2015.
The IRS later identified $379,549,691.35 of remaining available volume cap
designated for projects to be owned by public power providers. Notice 2017-66 solicits
applications from qualified issuers of New CREBs for projects to be owned by public
power providers, and sets forth June 19, 2018, as the due date for submitting
applications. See section 3 of Notice 2017-66.
SECTION 3. STATUS OF ALLOCATIONS AND THE APPLICATION PROCESS
Section 13404(a) of Public Law No. 115-97 provides, in part, that part IV of
subchapter A of chapter 1 of the Code is amended by striking subpart I, which
contained § 54C of the Code. Section 13404(d) of Public Law No. 115-97 provides that
the amendments made by section 13404 shall apply to bonds issued after December
31, 2017. Accordingly, no bond issued after December 31, 2017, under any allocation
of volume cap issued by the IRS under Notice 2015-12, may be treated as a New
CREB. In addition, the IRS will not be processing applications for, or issuing allocations
of, New CREBs volume cap under Notice 2015-12 or Notice 2017-66.

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SECTION 4. EFFECT ON OTHER DOCUMENTS
This Notice obsoletes Notice 2015-12 in part by withdrawing the solicitation of
applications for, and discontinuing the allocation of, New CREBs volume cap under
sections 3, 4, and 5 of Notice 2015-12. All other provisions of Notice 2015-12 remain in
effect for bonds issued on or prior to December 31, 2017.
This Notice obsoletes Notice 2017-66.
SECTION 5. DRAFTING INFORMATION
The principal author of this Notice is Zoran Stojanovic of the Office of Associate
Chief Counsel (Financial Institutions and Products). For further information regarding
this Notice, contact Mr. Stojanovic at 202-317-6980 (not a toll-free call).