Tax Firms Build Up Energy Teams in Wake of Tax-and-Climate Law
Tax attorney Amish Shah spoke with Bloomberg Law about how the growing demand of clean energy and corporate clients is creating an opportunity for tax and law firms to meet the need. The Biden Administration’s Inflation Reduction Act offers dozens of tax credits for companies that want to help reduce greenhouse gas emissions. The law can cover up to 70 percent of a project’s costs and creates a 10-year runway for some of the incentives providing certainty for clean energy projects that were previously hindered by tax credits. Clients now are coming in with multifaceted projects with the change in guidance and developments in clean energy.
"What we’re seeing now are clients coming to us saying, ‘We are doing a single project that will include hydrogen, clean fuels, clean power,’ and that project includes multiple technologies, and we’ve got to be able to analyze and put all those pieces together," said Mr. Shah.