US Government Extends Investment Tax Credit
CHARLOTTE, NC / ACCESSWIRE / January 11, 2016 / Blue Sphere Corp. (OTCQB: BLSP) (the "Company" or "Blue Sphere"), a clean energy company that develops, manages and owns waste-to-energy projects, announced today that it is pleased that the United States government has passed a bill extending the Investment Tax Credit (ITC) for an additional two years. The ITC will not change until the end of 2019. The bill also extends the bonus depreciation for five years at 50% for the first three years and then phased down to 40% is 2018 and 30% in 2019*.
The Renewable Energy ITC is allowed under section 48 of the Internal Revenue Code. This investment tax credit varies depending on the type of renewable energy project.
Some of the Blue Sphere waste to energy projects may be eligible for credit of
30% of the cost of development, with no maximum credit limit. The ITC is generated at the time the qualifying facility is placed in service. The extension of the ITC will keep the credit at 30% through 2019.
The ITC has been an effective tool in helping to finance the Company's waste-to- energy projects in the United States. Blue Sphere along with its partners have taken advantage of these incentives while developing biogas facilities in North Carolina and Rhode Island. This extension provides the Company with additional incentive to further develop new facilities in the US.
*Source: Baker Botts Update December 2015.
About Blue Sphere Corporation
Blue Sphere Corporation operates in the fast growing clean-tech sector as a
waste-to-energy project integrator. Blue Sphere develops waste-to-energy and other renewable energy projects. The Company is becoming a key player in the global waste-to-energy and renewable energy markets. For further information, please visit the Company's website: www.bluespherecorporate.com.
Forward-Looking Statements
This press release contains certain forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995), which are subject to risks and uncertainties and may change at any time. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties and other factors including, without limitation, (i) uncertainties regarding general economic and market conditions, (ii) uncertainties regarding changes in the Clean tech sector, (iii) uncertainties regarding implementation of the Company's business strategy, and (iv) other risk factors as outlined in the Company's periodic reports, as filed with the U.S. Securities and Exchange Commission. As such, there is no assurance that the initiatives described in this press release will be successfully implemented or meet expectations. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events.
Contact Information:
Tactical Growth Partners, LLC
212-355-5134
info@tgpny.com
www.tacticalgrowthpartners.com
www.launchpadir.net
SOURCE: Blue Sphere Corp.