Micah Revell and Kevin Savory Examine Renewable Energy Tax Credit Proposals in Bloomberg Tax Article
In a Bloomberg Tax article titled "Tax Credits Will Refuel the Growth of Solar Installations," Stinson LLP Partners Micah Revell and Kevin Savory explain how the Build Back Better (BBB) bill utilizes tax credits to incentivize companies and utilities to shift to more renewable energy.
Although passage of BBB now appears unlikely, its provisions related to renewable energy tax credits (RETCs) are said to be the least controversial of its energy proposals and have the potential to be part of future pared-down legislation targeting climate change. With RETCs incentivizing rather than penalizing, passing legislation that strengthens these proven methods of spurring renewable energy development is low risk, with significant upside, Revell and Savory write.
The attorneys give details on the BBB RETC proposals that are likely to be included in future tax credit legislation and discuss how those proposals could affect solar market participants, such as developers, non-developer owners, utilities and tax equity investors.
Revell advises clients on complex energy, environmental and natural resources matters, focusing on renewable energy development. He counsels developers, utilities, investors and other clients on ongoing operations, acquisitions and divestitures, land use and environmental compliance, and various interconnection and project agreement issues. Revell also represents developers and other clients in proceedings before state utilities commissions and state and federal courts.
Savory represents lenders, investors, developers and community development entities with respect to the structuring of traditional and tax-advantaged transactions, and regularly counsels clients on financing, economic development incentive programs, commercial leasing and other real estate transactions. He has significant experience with state and federal new markets tax credits, state and federal historic rehabilitation tax credits and the renewable energy investment tax credit.
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