The Inflation Reduction Act (IRA) created significant opportunities for organizations to tap into tax credits for reducing their greenhouse gas emissions. The tax credits offered through the IRA will incentivize organizations across multiple industries to deliver on sustainability and carbon-reduction commitments. Due to a growing demand of clean energy projects from clients, tax and law firms are expanding internally to grow their clean energy expertise and offerings for companies that want to help reduce greenhouse gas emissions.
The IRA allows for tax credits to be sold or transferred on time to a third party. The transferability provision under the IRA creates a new opportunity for clean energy developers to sell credits to any corporate company that wants to offset some of its taxes.
In an article with Bloomberg Tax Baker Tilly’s Tom Unke discusses Baker Tilly's collaboration with Ever.green, a clean energy project funding and tax credit marketplace, to create a platform that reduces the complexity for organizations looking to transfer clean energy tax credits.
Read the full article by Baker Tilly Partner Tom Unke on Bloomberg to get a deeper understanding of the Inflation Reduction Act and the potential opportunities created to help companies invest into renewable energy.