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Proposed Regs Limit Green Energy Tax Credits for ERISA Plan Investors
Groom Law Group 
[Guidance Overview] Aug. 10, 2023 "The Inflation Reduction Act of 2022 (IRA) provides generous tax credits for certain clean energy investments (e.g., 50% of the applicable basis in wind and solar farm projects).... [T]he proposed regulations essentially require direct ownership of the green energy project in order to receive Direct Pay tax credits, but ERISA funds generally must use indirect investment vehicles ... in order to avoid prohibited transaction and fiduciary burdens.... The proposed regulations do not provide a mechanism by which investing ERISA funds and tax‐exempt entities may receive Direct Pay IRA tax credits when they invest indirectly." |
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