The Treasury Department recently released revised guidance (the “Revised Guidance”) under section 1603 of the American Recovery and Reinvestment Act of 2009: i.e., the Treasury grant program for specified energy property. The Revised Guidance was issued in the same form as the “Original Guidance,” (see Treasury Releases Guidance Implementing the Treasury Grant Program), and adds to that Original Guidance and the supplemental guidance issued in January 2010. The Revised Guidance largely restates the original guidance issued in July 2009, but substantially revises the section of the original guidance relating to the “beginning of construction” requirement for projects placed in service after 2010; see pages 6 and 7 of the Revised Guidance. A Treasury grant is provided for property either placed in service in 2009 or 2010, or placed in service after 2010 and before the applicable “credit termination date” specified in section 1603(e) of the Treasury Grant statute, but only if the construction of such property began during 2009 or 2010. Additional details regarding the Revised Guidance are provided in our Client Alert, Treasury Issues Additional Guidance Under Treasury Grant Program.