TSX.V Symbol: "GRB"
Issued and Outstanding: 11,312,000
NEWPORT BEACH,
CA, Sept. 25, 2013 /CNW/ -
Greenbriar Capital Corp. (TSXV: GRB) (OTC: GEBRF) is pleased to
announce that the IRS made it easier this afternoon, for wind,
biomass, geothermal, landfill gas and ocean energy projects that
are completed by December 2015 to
qualify for federal tax credits. The projects potentially qualify
for production tax credits for 10 years on the electricity output
or for a 30% investment tax credit on the cost.
A project must be under construction by
December 2013 to qualify.
There are two ways to start construction this
year: by starting significant physical work on the project or by
"incurring at least 5% of the project cost".
However, the developer must also show that work
on the project after this year is "continuous". Developers
complained that this continuous work requirement is making it
difficult to finance projects as banks and tax equity investors
balk at taking the risk that the pattern of future work will fall
short of what is required.
The IRS said this afternoon that the continuous
work requirement will be treated as having been met automatically
on any project that is placed in service by December 2015. It does not matter whether
construction started under the physical work test or the 5% test.
Developers whose projects go into service after 2015 will still
have to show continuous work.
The IRS made the announcement in Notice
2013-60.
The Notice may cause developers to shift back to
the physical work test rather than try to incur at least 5% of the
project cost this year. Many developers had been focusing on the 5%
test because it seemed to contemplate that a project could be
merely under development by the end of 2013 while the physical work
test required that it be truly under construction. Physical work
this year had to be followed by "continuous construction", while
incurring 5% of the cost had to be followed only by "continuous
efforts". It is easier to start physical work than to incur at
least 5% of the project cost.
About Greenbriar Capital Corp.
Greenbriar Capital Corp is a leading developer
of renewable energy and sustainable real estate projects. With
long-term, high impact, contracted sales agreements in key project
locations and led by a successful industry recognized operating and
development team, Greenbriar targets deep value assets directed at
accretive shareholder value.
ON BEHALF OF THE BOARD OF DIRECTORS
"SIGNED"
Jeffrey J. Ciachurski
President, Chief Executive Officer and Director
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Certain statements in this press release
constitute "forward-looking statements" under applicable securities
laws, which involve known and unknown risks, uncertainties and
other factors that may cause actual results to be materially
different from any future results, performance or achievements
expressed or implied by such statements. Words such as
"expects", "anticipates", "intends", "projects", "plans", "will",
"believes", "seeks", "estimates", "should", "may", "could", and
variations of such words and similar expressions are intended to
identify such forward-looking statements. These statements are
based on management's current expectations and beliefs and actual
events or results may differ materially. There are many
factors that could cause such actual events or results expressed or
implied by such forward-looking statements to differ materially
from any future results expressed or implied by such
statements. Such factors include, but are not limited to the
state of the Company's business activities and various factors
discussed in the Company's annual report filed with securities
regulators in Canada.
Forward-looking statements are based on current expectations and
the Company assumes no obligation to update such information to
reflect later events or developments, except as required by
law.
SOURCE Greenbriar Capital Corp.