Inflation Reduction Act
The Current State of Electric Vehicle Incentives in New York and Beyond
Electric vehicles (EVs) have enjoyed increasing popularity in recent years as an alternative to the U.S.’s overwhelmingly fossil fuel-based transportation sector. A robust ecosystem of incentives from public and private entities alike has emerged to facilitate this shift, presenting significant economic benefits for developers of EV infrastructure. This article provides an overview of major existing…
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…
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…
Rooftop Solar Systems Required by NYC Local Laws May Qualify for IRA’s Renewable Energy Tax Credits
New York City local law requires new roofs (with some exceptions) to install a solar photovoltaic (PV) electricity generating and/or green roof system. While these requirements became effective in 2019, given the pace of construction in New York City, many of the roofs covered by the law have only recently been, or will soon be,…
Energy Community Guidance for Brownfields under the Inflation Reduction Act
The Internal Revenue Service (IRS) and the Treasury Department released guidance last month on the bonus credit available for certain production and investment tax credits issued to qualified projects located in “energy communities” pursuant to the Inflation Reduction Act of 2022 (IRA). The IRA allows taxpayers to deduct a percentage of the cost of eligible…