Overview
Partner Hunter Johnston spoke to Law360 in an article titled, "Tax Pros Navigate Chaos, Rewards In Climate Law's 2nd Year." The article discusses how the Inflation Reduction Act of 2022 (IRA) has transformed energy tax attorneys' work, driving significant clean energy investments and project finance deals. This historic climate law has generated over $265 billion in private sector investments by expanding tax credits and introducing new financing mechanisms, such as transferability and direct pay. Attorneys expressed although Treasury has done a commendable job of implementing the IRA with the flurry of rulemaking in the past two years, there are still issues that put clients in a holding pattern. Uncertainty continues to loom over hydrogen projects' eligibility for the production tax credit.
Hunter said: "Until final regulations come up, a lot of projects will not know whether they're going to qualify."
