Climate Change & Resiliency
Inflation Reduction Act Guidance: Recent Updates to the Domestic Content and Energy Community Bonus Credits
The Internal Revenue Service (IRS) and the Treasury Department have recently released updated guidance under the Inflation Reduction Act of 2022 (IRA). As covered in a prior SPR Blog Post, the IRA allows taxpayers to deduct a percentage of the cost of eligible renewable energy systems from their federal taxes through an Investment Tax Credit…
NYC Local Law 97 Remains In Effect After Appellate Decision In Glen Oaks Case
On May 16, 2024, the New York Appellate Division, First Department, reversed in part the trial court decision that dismissed the challenge to New York City’s building emissions law, Local Law 97. The case is Glen Oaks Village Owner, Inc., et al. v. City of New York, et al. (App. Div. No. 2024-00134, Sup. Ct….
Inflation Reduction Act: Recent Guidance and the Path Forward in 2024
On February 20 and February 21, 2024, the Internal Revenue Service (IRS) and the Department of the Treasury (Treasury) held a public hearing on proposed regulations concerning the definition of energy property and rules applicable to obtaining tax credits pursuant to the Inflation Reduction Act of 2022 (IRA). The IRA allows taxpayers to deduct a…
Covered New Jersey Buildings Must Meet New Benchmarking Requirement By December 31
December 31, 2023 marks the final deadline for compliance with the first year of New Jersey’s building energy and water benchmarking law. The New Jersey Board of Public Utilities (NJBPU) issued an order in compliance with the New Jersey Clean Energy Act of 2018 requiring the owners and operators of commercial and certain multi-family residential…
NYSDEC Publishes Proposed Guidance Incorporating Environmental Justice Considerations into Existing Permit Processes
On September 27, 2023, the New York State Department of Environmental Conservation (NYSDEC) published a draft policy aimed at implementing Section 7(3) of the Climate Leadership and Community Protection Act (CLCPA), which seeks to prevent disadvantaged communities from being disproportionately affected by greenhouse gas (GHG) or co-pollutant emissions. The draft policy lays out a procedure…
New York Supreme Court Dismisses Challenge to Local Law 97
On October 30, 2023, the New York Supreme Court, New York County dismissed a significant legal challenge to New York City’s building emissions law, Local Law 97 of 2019. The decision provides clarity to the NYC real estate community that Local Law 97 is valid, enforceable, and constitutional. The law’s greenhouse gas (GHG) emissions caps…