Reunion and CAC Specialty to host webinar on Thursday, September 5th for tax credit buyers
CAC Specialty Joins Reunion's Tax Credit Insurance-Themed Q3 Office Hours for Buyers
Jordan Tamchin, Executive Vice President and leader of the Tax Insurance Practice at CAC Specialty, joins our Q3 buyer office hours on Thursday, September 5th at 2:00pm ET.
Jordan Tamchin, Executive Vice President and leader of the Tax Insurance Practice at CAC Specialty, will join Reunion's transactions team for a 60-minute workshop covering recent market developments in tax credit insurance and a lively discussion about unique tax insurance solutions that have emerged in 2024.
Register
Instructions for joining the webinar will be sent once you have registered. If you have any questions, please contact Maria Verbaite.
We will make a recording available for those who cannot attend the webinar live.
Topics
- Tax credit insurance at a glance: Typical covered tax positions and exclusions
- Market snapshot: Depth of insurance market, pricing considerations, underwriting standards
- Emerging issues and trends: Coverage of step ups, PWA underwriting, bonus credit adder coverage, buy side vs sell side policies, typical limits of liability, audit experience
- Audience Q&A
Speakers
Jordan Tamchin – CAC Specialty
Jordan Tamchin is Executive Vice President and leader of the Tax Insurance Practice at CAC Specialty, where he specializes in delivering innovative and unique insurance solutions for the most complex tax risks across a variety of tax credit and tax equity deals.
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Andy Moon and Billy Lee – Reunion
Andy Moon and Billy Lee are the co-founders of Reunion and work closely with Fortune 500 corporations and clean energy companies to buy and sell clean energy tax credits.
Andy and Billy have led hundreds of clean energy financings since 2006, including some of the first solar transactions with institutions such as US Bank, JP Morgan, Wells Fargo, Bank of America, D.E. Shaw, and others.
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Questions welcome
We want our office hours to be interactive, so please bring any questions you have, whether related to current market conditions, pricing, or commercial terms.
You're welcome to ask questions beforehand.
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Recording
Overview
Jordan Tamchin, Executive Vice President and leader of the Tax Insurance Practice at CAC Specialty, joined Reunion's transactions team for a 60-minute conversation covering recent market developments in tax credit insurance and a lively discussion about unique tax insurance solutions that have emerged in 2024.
Topics
- Tax credit insurance at a glance: Typical covered tax positions and exclusions
- Market snapshot: Depth of insurance market, pricing considerations, underwriting standards
- Emerging issues and trends: Coverage of step ups, PWA underwriting, bonus credit adder coverage, buy side vs sell side policies, typical limits of liability, audit experience
- Audience Q&A
Speakers
Jordan Tamchin is Executive Vice President and leader of the Tax Insurance Practice at CAC Specialty, where he specializes in delivering innovative and unique insurance solutions for the most complex tax risks across a variety of tax credit and tax equity deals.
Andy Moon and Billy Lee are the co-founders of Reunion and work closely with Fortune 500 corporations and clean energy companies to buy and sell clean energy tax credits. Andy and Billy have led hundreds of clean energy financings since 2006, including some of the first solar transactions with institutions such as US Bank, JP Morgan, Wells Fargo, Bank of America, D.E. Shaw, and others.
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Executive summary
Transferable tax credits are sold at a discount to face value, providing attractive financial benefits to corporate investors. They are not without risk, however, and tax credit buyers should have a clear sense of how to identify, track, and mitigate relevant risks.
At the same time, clean energy developers should understand the scope of due diligence during a tax credit transfer.
This due diligence checklist and documentation guide gives tax credit buyers, sellers, and their respective advisors a set of shared expectations on the required analysis and documentation for §48 investment tax credits.
To download a PDF version of this guide, please visit our resources page.
Jump to a due diligence category
- Transaction overview
- Major deal participants
- Seller diligence
- Qualification
- Structure
- Recapture (qualified energy facility, change in ownership)
- Prevailing wage and apprenticeship requirements (compliance, exemption)
- Bonus credits (domestic content, energy community, low-income community)
- Tax credit insurance
Transaction overview
The transaction overview should include an overall description of the transaction, including:
- Brief description of sponsor
- Technology
- Project size in MW AC, location, and description
- Placed in service (PIS) date
- Eligible cost basis
- Resulting ITC credit amount
- Description of tax credit percentage, including bonus credit adders and compliance with, or exemption from, prevailing wage and apprenticeship requirements
- Details on how the project is financed
Major deal participants
Tax credit transfers involve a range of stakeholders on the buy- and sell-sides, all of whom should be memorialized for reference during the five-year recapture period.
Diligence item | Discussion |
---|---|
Seller | Name of company, principal place of business |
Guarantor | Name of company, principal place of business, relationship to Seller |
Offtaker | Entity that purchases power from the Project |
Seller counsel | Name of company, POC |
Tax credit insurance broker | Name of company, POC |
Tax credit insurer | Name of company, POC |
Seller diligence
Diligence item | Discussion |
---|---|
Organization chart | Summary of Seller and related entities, including ownership percentages and federal tax treatment (e.g., partnership, C-corporation, disregarded entity, etc.). |
Affiliate transactions | Buyer should investigate whether fees included in the cost basis are from affiliate transactions. For example, the EPC fee may not be eligible for inclusion in the Project’s cost basis if the EPC is an affiliate of the Seller. |
Organizational documents | Corporate documentation of the project company (if applicable), Seller, and the guarantor (if applicable). |
Financial statements | [Audited] financial statements of the Seller and/or Guarantor, for purposes of understanding the financial strength of Seller and/or Guarantor and its ability to fulfill indemnification obligations. If the financial strength of Seller is in doubt (e.g., if the indemnity is not provided by a creditworthy guarantor), then Buyer or Seller can also procure tax credit insurance from an investment grade insurer. |
Fiscal year end | The Seller’s fiscal year end will impact the tax year in which the Buyer can take the credit. |
Upstream ownership | If Seller is not a widely held C-corporation, Buyer should perform diligence on whether Seller is subject to at risk rules of Section 49. Ensure that any project financing in place does not limit Seller’s ability to sell credits. |
Tax return filing date | Understand timing of when Seller intends to file. This may impact the timing of when a transaction needs to be closed (e.g., if Seller is planning to file taxes by April 15, Seller will want to close the transaction in advance of filing). |
Legal actions | Buyer will confirm that there is no ongoing or pending legal action or notice of legal action concerning the Project. |
Qualification
Buyer should validate that the Project qualifies for the §48 tax credit. Buyer should ensure that the Project qualifies as energy property, the proper cost basis is used, and that the Project was placed in service in the appropriate tax year.
Diligence item | Discussion |
---|---|
Description of asset/project | Brief overall description of the Project. |
Begun construction date | Begun construction date only needs to be investigated in certain situations, such as when the Project claims exemption from prevailing wage and apprenticeship requirements due to construction starting prior to January 29, 2023. If a certain “begun construction” date is claimed, Buyer should look for documentation on how safe harbors were met (e.g., 5% test or physical work test). |
Placed in service date | Buyer should validate when the Project was placed in service, to ensure that credits are applicable to the desired tax year. The IRS and various courts consider five tests to determine when a project was placed in service. The Seller should ideally provide evidence that all five tests are met: (1) the receipt of required licenses and permits; (2) the passage of control of the facility to the ultimate taxpayer; (3) the completion of critical tests; (4) the commencement of regular operations; and (5) the synchronization of the facility into a power grid for generating electricity to produce income. |
Cost segregation study | Buyer should ensure that the cost basis for purposes of calculating a §48 ITC is validated through a cost segregation study (and section 1060 analysis, if applicable) from a reputable accounting firm with energy project experience. |
EPC/installation contracts documentation | Buyer should review the Seller’s Equipment, Procurement, and Construction (EPC) contract(s). Buyer should validate that the primary EPC and the subcontractors are not related to the Seller, as fees charged by a related entity may not be valid for purposes of calculating cost basis for a §48 ITC. The EPC contract will also need to include representations and warranties around compliance and documentation with respect to prevailing wage and apprenticeship requirements for both employees and subcontractors if the Project is not exempt from PWA requirements. |
Appraisal | In certain cases, especially when there is a step-up in cost basis for purposes of calculating a §48 ITC, Buyer should ensure that an appraisal is performed by a qualified third-party valuation firm. Buyer should ensure that the Project’s cost basis falls within the range of the appraised fair market value (FMV) based on a reasonable analysis of cost, income, and market approaches to valuation. Buyer should request a copy of the appraisal and form reliance letter. |
Transfer filing and registration | Buyer should obtain a copy of transfer filing documentation with registration number(s) for the Project(s). |
Structure
Buyer should validate that Seller is an eligible transferor, and that the Seller’s underlying legal structure will be respected by the IRS.
Diligence item | Discussion |
---|---|
Structure documentation | Buyer should validate that the Seller is entitled to claim and to transfer the tax credits and that the Seller’s legal structure (e.g., sale leaseback, partnership) will be respected by the IRS. For example, a clean energy project company might be sold to a joint venture with ownership from an arms-length third party, to effectuate a “step-up” in the cost basis for purposes of calculating the §48 tax credit. Buyer should ensure that the Seller entity has sufficient equity ownership from an arms-length third party, and that the third party is a true equity owner (with both upside and downside risk). Buyer should also validate that the JV is eligible to claim and to transfer the tax credits. A legal firm can provide a memo on validity of structure. |
Recapture
To avoid recapture, a §48 ITC requires that (1) the property remains qualified energy property for five years and (2) there is no change in ownership of the property for five years. If a project fails to meet these requirements, the IRS will recapture the unvested portion of the ITC.
The ITC vests equally over a five-year period, meaning 20% of the total ITCs claimed will vest on each anniversary of Project’s placed in service date.
Qualified energy facility
A property can cease to be qualified energy property when an asset is disposed of, or otherwise ceases to be investment credit property to the eligible taxpayer during the recapture period. For example, the asset is:
- Destroyed and not rebuilt and placed back in service
- Abandoned
- Repurposed to sell something other than electricity derived from the qualified generation asset
Key risk mitigation measures include sufficient property and casualty insurance, adequate site control and interconnection rights, and identification of alternatives in the event of an Offtaker default.
Diligence item | Discussion |
---|---|
Site control documentation | Buyer should validate that the Project has an unencumbered right to operate on the site during the five-year recapture period. If the site is leased, a recorded lease with title insurance may improve Buyer comfort that the site is secure. If the Project cannot be moved, Buyer should also confirm there are no environmental issues on the site that could materially impact Project operations. Environmental issues are typically flagged in a Phase I environmental site assessment report with a map and/or description of any Recognized Environmental Condition located on the site. |
Interconnection documentation | Buyer should confirm that the Project has approval for interconnection during the five-year recapture period. |
O&M contracts documentation | §48 ITCs are subject to recapture if the project is placed out of service during the five-year recapture period. Buyer should review the O&M contract to ensure that the Project will be adequately maintained. The O&M contract will also need to include covenants around compliance and documentation with respect to prevailing wage and apprenticeship requirements unless the Project is exempt from prevailing wage and apprenticeship requirements. |
Property and casualty insurance | Buyer should validate that Property and Casualty insurance is in place, and that coverage is high enough for the Seller to rebuild the Project in the event of a P&C event. If the Project is taken out of service due to a P&C event, the §48 ITC may be subject to recapture. |
Offtake/revenue contract | As §48 ITCs are subject to recapture if the Project is placed out of service during the five-year recapture period, Buyer should validate that the Project will earn sufficient revenues during the recapture period to continue operating. If electricity is being sold on a merchant basis, Buyer should validate that the Project has the ability to sell electricity to the grid. If electricity is sold to a separate power purchaser, Buyer should review the Seller’s power purchase agreement or similar contract, diligence the ability of the power purchaser to fulfill contractual obligations and understand alternative revenue sources if the power purchaser is unable to pay. |
Change in ownership
A change in ownership can occur if the project owner transfers its ownership of the facility during the five-year recapture period. If a lender has a collateral interest in the project company, a foreclosure can trigger recapture due to change in ownership.
Key risk mitigation measures include a forbearance agreement with lenders, structuring the debt in a way that foreclosure will not trigger a recapture, and indemnification from the seller.
Diligence item | Discussion |
---|---|
Project financing documentation | Buyer should confirm there is no tax-exempt financing for the Project. Buyer should also confirm if there is any financing agreement where such lenders or other financing parties have collateral security in the Project or in any intermediate holding company between the project company and Seller. If a change in ownership is triggered by a foreclosure during the recapture period, the unvested portion of the §48 ITC will be subject to recapture. Ideally, debt should be structured in a way that a foreclosure will not result in a recapture, or a forbearance agreement should be in place with lenders. |
Prevailing wage and apprenticeship requirements
Buyer should validate that the Project is exempt from, or compliant with, prevailing wage and apprenticeship requirements. Prevailing wage rules require that certain workers are paid a minimum prevailing wages specified by the U.S. Department of Labor during the construction of a facility or property, and during alteration or repair of a facility or property for a certain number of years after the project is placed in service.
Buyers should require proper documentation that the correct wage was paid.
Exempt from PWA
Diligence item | Discussion |
---|---|
Prevailing wage and apprenticeship | Project is exempt from PWA requirements under two scenarios:
|
Compliant with PWA
Diligence item | Discussion |
---|---|
Prevailing wage and apprenticeship | If Project requires compliance with PWA, Buyer should validate that proper documentation was collected, including payroll records for each laborer and mechanic (including each qualified apprentice) employed by the taxpayer, contractor, or subcontractor employed. Buyer should review the representations and warranties in the contract with the primary EPC (and potentially with their subcontractors) to validate that all parties will comply with PWA requirements. The IRS also recommends collecting additional documentation, which are listed in proposed regulations §1.45-12(b) and (c) and can be requested by Buyer to further validate PWA documentation practices. |
Bonus credits
If a Project claims a bonus credit adder (domestic content, low-income community, or energy community), the Buyer should substantiate that the Project qualifies for the relevant bonus credit adder.
Domestic content
Diligence item | Discussion |
---|---|
Domestic content | If Project claims the domestic content bonus adder, Buyer should verify supporting cost analysis from a third-party engineer, and/or supporting documentation from legal counsel. If the Seller utilized the domestic content safe harbor under IRS Notice 2024-41, Buyer will want to validate the developer’s safe harbor calculations, collect documentation confirming the sourcing of components and sub-components included in the calculations, and view the developer’s safe harbor certification. In many cases, a legal memorandum may be prepared by seller counsel to analyze and confirm compliance with domestic content requirements. |
Energy community
Diligence item | Discussion |
---|---|
Energy community | If Project claims the energy community bonus adder, Buyer should verify documentation that Project is located in the “Brownfield Category, the Statistical Area Category, or the Coal Closure Category” as described in IRS Notice 2024-30. For §48 and §48E ITCs, eligibility for the energy community bonus credit is determined on the date that the Project is placed in service, and in the event the Project is only partially located in an energy community, the following guidance applies:
|
Low-income community
Diligence item | Discussion |
---|---|
Low-income community | If the Project claims the low-income community bonus adder, Buyer should verify that the Project received an acceptance/allocation notice from the IRS as well as confirmation that the project was placed in service within a statutorily set four-year period. To validate that the project was properly placed in service, the developer must provide documentation and make attestations in the DOE low-income community application portal. |
Tax credit insurance
If a Seller is unable to offer an indemnity from a creditworthy guarantor, tax credit insurance is commonly purchased to provide additional risk mitigation in the event of a disallowance or recapture of credits.
There is a robust market for tax credit insurance, which has been utilized on tax equity transactions for over a decade. Tax Credit Insurance Brokers can help place insurance with a wide selection of investment-grade insurance carriers.
Diligence item | Discussion |
---|---|
Tax credit insurance |
Buyer should validate that tax credit insurance covers desired risks, which potentially include:
|
Download Reunion's Section 48 ITC due diligence guide
To download Reunion's Section 48 due diligence guide in PDF format, please visit our resources page.
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The Inflation Reduction Act of 2022 (IRA) greatly expanded energy-related federal income tax credits and created Internal Revenue Code Section 6418, which allows eligible taxpayers to transfer, or sell, certain clean energy tax credits to unrelated parties for cash.
One key area of due diligence when purchasing a tax credit is to ensure that the project complies with prevailing wage and apprenticeship requirements (PWA), which the IRA introduced to encourage a robust market for well-paying clean energy jobs.
Clean energy projects that comply with PWA requirements receive a five-times multiplier on the value of tax credits. If a tax credit buyer purchases a credit that later is found not to comply with PWA requirements, the buyer will face a recapture of the increased tax credit amount.
Buyers of tax credits should understand PWA requirements and the documentation required to ensure compliance. Buyers should also mitigate the risk of recapture due to PWA noncompliance with careful due diligence, contractual protections (including provisions requiring the tax credit seller to compensate the buyer for PWA noncompliance), and tax credit insurance.
How PWA applies to each credit type
All but one of the IRA’s eleven transferable tax credits are subject to PWA requirements; the exception is the Section 45X advanced manufacturing production credit (AMPC). The following table shows how long PWA compliance is required for each credit.
Credit | Duration of PWA requirement |
---|---|
Section 30C ITC | During construction |
Section 45 and 45Y PTC | During construction and ten years after project is placed in service (PIS) |
Section 45Q PTC | During construction and twelve years after PIS |
Section 45U PTC | During any alteration or repair; apprentices are not required at any point |
Section 45V PTC | During construction and ten years after PIS |
Section 45X PTC | Not applicable |
Section 45Z PTC | During construction and ten years after PIS, unless the facility is placed in service before January 1, 2025; then, only for tax years in which the credit is claimed |
Section 48 and 48E ITC | During construction and five years after PIS |
Section 48C ITC | While reequipping, expanding, or establishing a facility |
Projects that comply with PWA requirements receive a tax credit five times greater than non-PWA-compliant projects. For example, a solar project with a $100 million cost basis qualifies for a base tax credit amount of $6 million (assuming a Section 48 ITC). If the project meets PWA compliance, the tax credit amount increases to $30 million.
If a tax credit buyer purchases a credit that later is determined not to comply with PWA requirements, then the Internal Revenue Service will recapture the PWA multiplier portion of the credits, which is equivalent to eighty percent of the tax credit value — for example, $24 million of a $30 million credit. For Section 48 ITCs, the recapture is applied to the unvested portion of the credit (the ITC vests twenty percent annually over a five-year period).
As a result, buyers of tax credits must perform proper diligence on projects to ensure that the project will not later be found to fail to comply with PWA requirements.
Summary of PWA requirements
Prevailing wage requirements
Prevailing wage rules require that certain workers be paid a minimum prevailing wage specified by the US Department of Labor (DOL). The DOL publishes a list of prevailing wages on www.sam.gov according to geographic location, labor classification, and type of construction. It is also important to use the correct wage determination based on timing of work, which is primarily driven by when construction begins.
If no applicable published wage rate is available, the taxpayer or project developer must request a supplemental wage determination from the DOL.
Apprenticeship requirements
The apprenticeship rules require that a certain percentage of labor hours during construction, alteration, or repair for a project be performed by a qualified apprentice. The minimum percentage of hours that must be performed by qualified apprentices is:
- 12.5% for projects that began construction in 2023
- 15.0% for projects that begin construction in 2024 or later
Two exceptions to PWA compliance
The IRA includes two general exceptions to PWA requirements — the “beginning of construction” exception and the “one megawatt” exception. Projects that meet one of these exceptions receive the five-times credit multiplier without necessarily paying prevailing wages and employing qualified apprentices. Specifically:
- Beginning of construction: Projects that began construction before January 29, 2023, are generally exempt from the wage and apprenticeship rules, except for credits under Sections 48C and 45Z
- One megawatt: Projects under Sections 45 and 48 (and their replacements under Sections 45Y and 48E) are exempt from PWA if the maximum net output is less than one megawatt or the capacity of electrical or equivalent thermal storage is less than one megawatt
PWA information developers should collect and maintain
In its August 2023 guidance, the Treasury provided a list of required and recommended documentation for PWA compliance. All documentation should cover every person working on the project, including contractors and subcontractors. Subcontractors may be several companies removed from the actual sponsor of the project.
Required PWA information
According to the IRS guidance from August 2023, PWA documentation must include “payroll records for each laborer and mechanic (including each qualified apprentice) employed by the taxpayer, contractor, or subcontractor employed.”
Recommended PWA information
The IRS also recommends collecting additional documentation. Nine of the recommended items relate to wages — including the name, social security number, address, and email address for each laborer and mechanic — and five items relate to apprentices. Buyers should require this optional documentation, which can be found in Proposed Regulations Section 1.45-12(b) and (c).
Additionally, the PWA’s proposed labor requirements have significant overlap with the Davis- Bacon Act — a nearly century-old federal law. Some project developers document certified payroll, a practice required for federal projects subject to Davis-Bacon rules, although not required under the IRA. Each employee on the certified payroll must receive weekly payment for work performed and must have their legal name, address, correct job classification, rate of prevailing wage pay, daily hours worked, weekly hours worked, and amount paid clearly recorded on the required certified payroll report. Other project developers use the certified payroll form, WH-347, when compiling and maintaining payroll records.
Opportunity to cure if a project fails to comply
If a clean energy project claims an increased PWA credit value and the IRS later determines the project did not meet PWA requirements, the tax credit is not automatically reduced to the base rate. A deficiency can be cured within 180 days after the IRS identifies a failure.
The seller of the tax credit has a strong incentive to cure any PWA issues, as it typically signs an indemnity to compensate the buyer in the event of a recapture of tax credits. The seller is also closer to the underlying compliance issue. That said, the buyer should require the seller to provide notification of any failure to meet PWA requirements; the buyer may want to step in and make penalty payments on behalf of the seller if there is substantial doubt as to whether the seller will make the cure.
Requirements for curing prevailing wage deficiencies
To cure prevailing wage defects, the taxpayer or project developer must:
- Pay the affected laborers or mechanics the difference between what they were paid and the amount they were required to have been paid (multiplied by three for intentional disregard), plus interest at the federal short-term rate (as defined in IRC Section 6621) plus six percent; and
- Pay a penalty to the IRS of $5,000 (or $10,000 for intentional disregard) for each laborer or mechanic who was not paid at the prevailing wage rate during the year
Requirements for curing apprenticeship deficiencies
To cure a failure to meet the apprenticeship requirements, project developers must pay a penalty of $50 multiplied by the total labor hours for which the apprenticeship requirements were not met. The amount of the penalty with respect to the apprenticeship requirements is also increased to $500 per labor hour if the IRS determines the failure was due to intentional disregard.
Buyers have several tools to mitigate risk of PWA noncompliance
Buyers should proactively manage risk concerning PWA compliance. Buyers have three primary risk management tools at their disposal:
- Comprehensive due diligence
- Properly structured tax credit transfer agreement (TCTA)
- Tax credit insurance
Comprehensive due diligence
Proper and comprehensive due diligence is critical for tax credit purchasers.
Project developers currently document PWA in a variety of ways, from manual capture in spreadsheets to certifi ed payroll systems to the use of third-party consultants.
Buyers should understand the process by which PWA information is tracked so they can reconstruct payment records in the event of an IRS challenge. Each contractor and subcontractor should have a system in place to document payroll. In addition, proper records should be kept so workers who were underpaid can be located and compensated to cure any failure to meet PWA requirements.
In the case of the Section 48 ITC, the seller should also provide any information or compliance reports the IRS requires during the five-year recapture period.
Properly structured TCTA
Buyers bear the risk of any reduction in tax credit amount due to noncompliance with PWA. Buyers should ensure that the TCTA includes sufficient indemnity from the seller in the event of PWA noncompliance. The indemnity should make the buyer economically whole, including the cost of any penalties.
In addition, the TCTA should include several other clauses that protect tax credit buyers:
- Representations and warranties: The seller has complied with or is exempt from all recordkeeping requirements relating to the PWA requirements
- Indemnification: The seller’s indemnification obligations include any interest or penalties the IRS may impose because of PWA noncompliance
- Conditions precedent to closing: The seller must furnish evidence the project has complied with PWA requirements
- Post-closing obligations: The seller will comply with all laws and regulations required to qualify for and receive the PWA multiplier, including making the necessary filings, registrations, and elections with the IRS
Purchase tax credit insurance
Finally, tax credit insurance is available to mitigate the risk of noncompliance with PWA requirements. Tax credit insurance is recommended if the buyer has doubts about the ability of the seller to fulfill its indemnity obligation in the event of an IRS challenge. Tax credit insurance can be sized to make the buyer whole in the event the IRA imposes a penalty.
Conclusion
For corporate taxpayers, transferable tax credits represent a new opportunity to reduce federal tax liabilities and achieve a strong risk-adjusted return while providing much-needed capital to clean energy projects. However, buyers are responsible for financial penalties imposed by the IRS due to noncompliance with PWA requirements.
Tax credit buyers should proactively mitigate the risk of penalties with careful due diligence, contractual protections, and tax credit insurance, ensuring that they preserve the full financial benefi t of their tax credit purchase.
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