Tax Pros Navigate Chaos, Rewards in Climate Law's 2nd Year

Tax attorneys Nicole Elliott and Amish Shah were quoted in a Law360 article, shedding light on the profound changes and growth in the energy sector legal practices following the implementation of the Inflation Reduction Act. Ms. Elliott shared the excitement around the influx of innovative clean energy projects, highlighting the effect of the new law on the field. She also shared client sentiments around frustration with uncertainty. 

"There has also been very little guidance on a new credit for producers of low carbon biofuels under IRC Section 45Z, which will go into effect in January through the end of 2027. The challenge in that is dealing with clients that want to make a decision before final regulations," Ms. Elliott said. 

Mr. Shah discussed how firms have been proactively expanding their teams at every level to meet the increased demand for energy tax law, emphasizing the firm’s efforts to maintain work-life balance and ensure team members can recharge, reflecting a significant shift in workload and operational dynamics within the practice.

He explained that while the energy tax practice has generally been busy even before the climate law, the work was usually handled by a partner or two, and possibly with an associate or two. By hiring at every level, the firm is "trying to make sure that people are getting some time off, and they're getting a chance to recharge," said Mr. Shah.

Holland & Knight created our Inflation Reduction Act Tax Resource Library to provide clients with a wide range of resources on the many tax incentives available for renewable and alternative energy projects. We invite you to take a look at these resources and reach out to our attorneys listed above with questions about a particular incentive or a specific matter related to your organization. 

READ: Tax Pros Navigate Chaos, Rewards in Climate Law's 2nd Year