September 30, 2022

Volume XII, Number 273

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Welcome to The Tax Credit Revolution: New Opportunities for The Energy Industry in The Inflation Reduction Act

On 16 August 2022, President Joe Biden signed the Inflation Reduction Act of 2022 (IRA). While not as expansive as the Build Back Better Act, the IRA has the potential to dramatically accelerate the energy transition in the United States. Features of the IRA include extensions and tweaks of several popular credits for renewable electricity, alternative fuel vehicles, and carbon capture, as well as numerous new renewable energy and fuels credits and a fundamental pivot after 2024 to renewable electricity credits based on greenhouse gas emissions of generation technology. In addition, new credits for manufacturing and recycling related to the renewable energy sector may help drive increased investment in American manufacturing. Further, the new direct pay and transferability techniques create opportunities for new financing structures and stakeholders. 

To help our clients understand and benefit from these new tax credits, we have prepared a high-level summary for several key technologies, primarily in a commercial context. Click here to download the summary.

Copyright 2022 K & L GatesNational Law Review, Volume XII, Number 230
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About this Author

Elizabeth Crouse Tax Lawyer K&L Gates Law Firm
Partner

Elizabeth Crouse is a partner in the tax group of the Seattle office. She provides business-focused solutions for U.S. federal, state, and international tax matters pertinent to mergers and acquisitions, corporate divestitures, internal reorganizations, cross-border transactions, private equity and venture capital fund creation and investments, and start-up companies.

Ms. Crouse is also experienced with U.S. federal and state alternative energy tax incentive programs (including the investment tax credit, production tax credit, and 1603 cash...

206-370-6793
Elias Hinckley, KL Gates Law Firm, Washington DC, Energy Law Attorney
Partner

Elias Hinckley is a partner in the firm’s Washington, D.C. office. He focuses his practice on assisting clients navigating a changing energy, tax, and financial landscape by efficiently and creatively structuring deals.

He incorporates tax, policy, and market insight to solve complex financing challenges for renewable energy companies, private equity, hedge funds, tax equity investors, real estate investors, independent power companies, and public utilities. He has been at the forefront of the development of several novel and innovative...

202-778-9091
Mary Baker Burke, KL Gates Law Firm, Tax Attorney
Government Affairs Advisor

Mary Burke Baker is a government affairs advisor in the Washington, D.C. office. Mary focuses on federal tax matters affecting businesses—including domestic and multi-national corporations and all types of pass-through entities—and individuals. Her practice covers tax policy, tax reform, regulatory and other guidance, tax administration and technical tax issues, with particular emphasis on the OECD and the European Union, accounting methods, energy and medical device issues, and FBAR compliance matters for individuals.

Mary consults with and...

202-778-9223
Laurie B. Purpuro, Government Affairs Advisor, KL Gates, Law Firm
Government Affairs Advisor

Ms. Purpuro is a government affairs advisor in the firm’s Public Policy and Law group. She focuses on energy policy.

Prior to joining the firm, Ms. Purpuro served as senior policy advisor to the Secretary of the U.S. Department of Energy. She has more than 10 years experience on Capitol Hill working for Senator Spencer Abraham (R-MI) as Deputy Chief of Staff, and for Congressman Jim Saxton (R-NJ) and Congressman Bob Davis (R-MI) as Legislative Director.  Ms. Purpuro has advised members of Congress on issues including the environment, energy, tax...

202-778-9206
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