Tax Credits

SPOTLIGHT SERIES: TIM STEGNER

Foss & Company is comprised of a group of experienced tax credit professionals, representing a depth of knowledge within their respective fields. In this blog series, we highlight different Foss & Company team members to shine a light on the diverse and dedicated people that help make us who we are. As the Vice President of Investments, Tim Stegner is committed to forging robust partnerships and pioneering solutions for Investors. He has over 20 years of experience advising institutional investors and has held positions as a Managing Director at prominent financial institutions such as BlackRock, Nuveen, and Northern Trust. As an advisor and entrepreneur, his strategic insights have been instrumental in propelling the growth trajectories of numerous startups. Tim graduated with his Master of Business Administration from the Thunderbird School of Global Management at Arizona State University. Complementing his advanced degree, he holds a bachelor’s degree from Colorado State University and from the University of Wales (UK).   To learn more about Tim, read our latest Spotlight blog series installment: How did you get started in the tax credit investing industry? After completing my MBA, I embarked on an exciting journey in offshore banking, working with Foreign International Sales Corporations (FISCs) and Domestic International Sales Corporations (DISCs). This role required me to relocate to prominent offices in Barbados and the Virgin Islands, which was a great experience early in my career. I learned a lot from collaborating with some of the top exporters in the United States. What interested you about Foss & Company? I was drawn to Foss & Company due to its reputation as a trusted partner to leading U.S. corporations, but also because the projects we finance create jobs and support sustainability initiatives. Our role in financing transformative projects is truly inspiring, especially given the importance of…

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Transferable Tax Credit Due Diligence Checklist Summary

Transferable Tax Credit Due Diligence Checklist Summary Published May 28, 2024 – The Inflation Reduction Act (IRA) has brought significant changes to the landscape of renewable energy, including the introduction of transferable tax credits. Transferable tax credits have become a popular financial tool that allows businesses to reduce tax liabilities by investing in the growing market of renewable energy. As the transferable market continues to grow, it is imperative to stay informed and execute careful planning and due diligence. To prepare for a transferable tax credit transaction, a due diligence checklist needs to be put into place. Establishing a checklist not only provides a list of standard deliverables, but it allows stakeholders to focus on strategy, structure and deal execution. Foss & Company’s Partner & Managing Director, Bryen Alperin, was able to collaborate with Norton Rose Fulbright’s Partner, David Burton, Aon’s Global Co-Ceo of M&A and Transaction Solutions, Gary Blitz, and Winthrop & Weinstine Associate, Amber Peterson to publish a due diligence checklist sample stemming around the transfer of tax credits. This expert team developed a due diligence checklist that will show how the scope can vary depending on the complexity and type of credit transfer. To explore the potential of transferable tax credits, investors and developers need a trusted and innovative partner. Partnering with Foss & Company will offer innovative solutions that empower developers and investors to maximize the value of tax credits while driving positive impact in communities across the nation. Reach out to our team today to learn how our commitment ensures your projects not only succeed financially but leave a lasting legacy. To dive into the transferable tax credit due diligence checklist, download our white paper today!

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Renewable Energy Tax Credits Carryback: Know Your Tax Filing Options

Renewable Energy Tax Credits Carryback: Know Your Tax Filing Options By: Bryen Alperin, Partner and Managing Director of Renewable Energy & Sustainable Technologies, Foss & Company | Published May 15, 2024 Leveraging Tax Credit Rollbacks Efficiently For corporations aiming to maximize benefits from renewable energy tax credits, taking advantage of the rollback option for these tax credits can be attractive. Typically, these credits can be rolled back up to three years to offset up to 75% of prior tax liabilities. There are two tax filing options for effectuating the rollback, and each has its advantages and disadvantages. This blog post will lay out the two options and discuss the key differences at a high level. Option 1: Form 1120-X, Amended U.S. Corporation Income Tax Return Purpose: Form 1120-X is used to correct a previously filed Form 1120 or 1120-A or to make certain elections after the prescribed deadline. Time Frame: Generally, a corporation must file Form 1120-X within three years after the date the original return was filed, or within two years from the time the tax was paid, whichever is later. Authority to Examine: The IRS has the authority to examine Form 1120X prior to the issuance of a refund. This may include conducting an audit if necessary. Processing Time: The processing time can be longer for Form 1120-X  than for Form 1139 because it is not subject to the expedited 90-day review process that applies to Form 1139. Finality: The refund issued  due to an amended return filed using Form 1120-X is not considered tentative, and the IRS’s acceptance of the amended return generally closes the matter unless later found to be erroneous. Option 2: Form 1139, Corporation Application for Tentative Refund Purpose: Form 1139 is used to apply for a quick refund of taxes due to certain…

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Utilizing the Quick Refund to Optimize Transferable Tax Credit Yields

Utilizing the Quick Refund to Optimize Transferable Tax Credit Yields By: Bryen Alperin, Partner and Managing Director of Renewable Energy & Sustainable Technologies, Foss & Company | Published May 8, 2024 Corporations seeking to purchase 2023 transferable tax credits in 2024 may be concerned that their realization of the benefits will be delayed until they file their extended tax returns and receive a refund from the IRS. If they are forced to pay up front for those tax credits, then wait months to realize the benefits, it could dilute their financial return. In these cases, investors may be able to utilize the “quick refund” mechanism provided by the Internal Revenue Service (IRS) through Form 4466 to accelerate the receipt of benefits, thus improving their financial returns. This form allows corporations to apply for a quick refund of overpayment of estimated tax. The process is designed to expedite the refund of overpayments to corporations, ensuring they can realize the benefits of their tax credits or overpayments in a timely manner. Eligibility and Conditions To be eligible for a quick refund using Form 4466, a corporation must meet the following conditions: – The overpayment must be at least 10% of the expected tax liability for the year. – The overpayment must be at least $500. – The corporation applies for the quick refund after the end of its tax year but before it files its income tax return for that year. Process and Timeline The process for filing Form 4466 involves the corporation estimating its tax liability for the year and determining the amount of overpayment. The form must be filed after the end of the corporation’s tax year and before the corporation files its income tax return. The IRS is required to act on the application within 45 days from the…

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SPOTLIGHT SERIES: JENNIFER HUA

Foss & Company is comprised of a group of experienced tax credit professionals, representing a depth of knowledge within their respective fields. In this blog series, we highlight different Foss & Company team members to shine a light on the diverse and dedicated people that help make us who we are. As Associate Vice President of Investments for Renewable Energy and Sustainable Technologies, Ms. Hua manages the closing and diligence process for renewable energy and sustainability funds and participates in the screening of potential new investments. Prior to joining Foss & Company, Ms. Hua worked in Business Development and led utility-scale solar and battery originations. Her experience includes corporate development and risk management roles at The Williams Companies. Ms. Hua holds an MBA from The University of Tulsa and a BBA from The University of Oklahoma. She is based out of our Denver office.  To learn more about Jennifer, read our latest Spotlight blog series installment: How did you get started in the tax credit investing industry?     I was first introduced to tax credit investing during my tenure at The Williams Companies, where I held various roles over seven years. During my time in Corporate Development, I built dynamic models for capital projects covering solar, battery and natural gas. Williams was not a corporate taxpayer at the time, requiring us to explore alternative routes to monetize Investment Tax Credits. This experience provided me with key knowledge in tax credit structures. The knowledge and expertise I gained from this exercise has been invaluable in my contributions at Foss & Company.  When did you join Foss & Company and what interested you about the company?    I joined Foss & Company in August of 2023 and was drawn to the organization’s rapid-paced environment and talented professionals. The tax credit industry is ever evolving,…

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Strategic Moves: Navigating Transferability-Flips for Institutional Investors

Strategic Moves: Navigating Transferability-Flips for Institutional Investors In the ever-evolving realm of institutional investment, savvy investors are turning their attention to innovative strategies to enhance portfolio returns. As the transferability market gains momentum, institutional investors are strategically leveraging Transferability Flip Transactions, or “t-flips,” to unlock latent value in their tax equity investments. In this landscape, partnering with a seasoned fund sponsor, such as Foss & Company, becomes not just a choice but a strategic imperative.  The Institutional Advantage in the Transferability Market:  Institutional investors are well-positioned to capitalize on the increasing activity in the transferability market. As regulatory landscapes shift and market dynamics evolve, institutions can leverage their scale and expertise to navigate the complexities of t-flips for optimal portfolio performance. Investors interested in making equity investments may enhance their after-tax returns by utilizing the t-flip structure to invest in renewable energy and sustainable technology projects. Investors interested in buying tax credits on a transferable basis can may find that a t-flip structure offers risk mitigation benefits when compared to a “direct purchase” of tax credits.  Understanding T-Flips:  A Transferability Flip Transaction is similar to the Partnership Flip structure that the industry has used for billions of dollars of transactions, but instead of having the tax credits allocated based on ownership in the project, the tax credits are transferred to a third-party buyer. There is still a tax equity partnership at the project level which can monetize the depreciation benefits of the project and establish a “step up” in the tax credit eligible cost basis to a fair market value.   Working with Experts:  Institutional investors and tax credit buyers seeking to capitalize on the transferability market’s potential are wise to align with a reputable fund sponsor like Foss & Company. Foss & Company, with its proven track record, not only…

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SPOTLIGHT SERIES: PETER BROWN

Foss & Company is comprised of a group of experienced tax credit professionals, representing a depth of knowledge within their respective fields. In this blog series, we highlight different Foss & Company team members to shine a light on the diverse and dedicated people that help make us who we are. As National Sales Director, he leads our capital raising efforts, working with institutional investors and large corporations to direct investment capital into high-impact, tax credit-generating projects in renewable energy and real estate. Prior to joining Foss & Company, Peter spent over twenty years in asset management and wealth management. His experience includes leadership roles focused on business development at Bank of America, Wells Fargo and Bank of Montreal. Peter’s other experiences include commercial banking, alternative investments and commercial real estate. He graduated from the University of Dayton with a Bachelor of Arts degree in Communications. To learn more about Peter, read our latest Spotlight blog series installment: How did you get started in the tax credit investing industry?     Tax credit investing has always represented an extraordinary opportunity. My first introduction to the tax credit investing industry has been with Foss & Company, however I’ve always been interested in the space and have several friends that have been in the business for some time.  When did you join Foss & Company and what interested you about the company?    I joined Foss & Company in November of this year as the National Sales Director. Foss & Company’s entrepreneur spirit and drive to do what’s best for the client is what interested me about the company. There is a “can do” attitude here at Foss that you don’t see across other organizations, and they are know for putting their clients first. What originally interested you about this industry?      I’ve worked in asset…

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Colors of Hydrogen

By: Dawn Lima, Vice President of Renewable Energy & Sustainable Technologies, Foss & Company    Shades of Gray, Blue, Green – Why do we need a color wheel to describe hydrogen and what do the colors mean? If you have been following the headlines and reading recent articles about the future of energy, you’ve likely read about hydrogen and the many colors used to describe it. Green, blue, gray, yellow, pink, etc. Why does a naturally colorless gas have so many colors? Hydrogen is a very promising energy source in a decarbonized future as it does not emit carbon dioxide (CO2) when burned. Hydrogen energy could have many uses, particularly to decarbonize heavy vehicle transportation and construction. What these Colors Mean So, why are there so many colors to describe hydrogen? The different colors of hydrogen refer to how the hydrogen is made: mainly the source of the hydrogen molecule and the source of the power used to generate the hydrogen. The most common colors include gray, blue and green. Gray Hydrogen: About 80% of hydrogen produced is currently gray.  To make gray hydrogen, natural gas is burnt in a process called steam methane reform (SMR) and carbon dioxide is released into the atmosphere, not captured and sequestered.  The power to generate the hydrogen is typically the local grid (not necessarily renewable energy) so the source mix will depend on the location of the plant and now decarbonized the grid in the region is. Blue Hydrogen: Around 1% of hydrogen produced.  Blue hydrogen is slightly less environmentally harmful than gray.  Blue is produced in the same way as gray, but the carbon dioxide is captured and sequestered, not released into the atmosphere.  The power to generate the hydrogen is typically the local grid (not necessarily renewable energy). Green Hydrogen:  Green…

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Preserving the Past: Unpacking Historic Tax Credits

Preserving the Past: Unpacking Historic Tax Credits Historic preservation goes beyond the architectural beauty of a building. It is an important way to transmit the understandings of the past to future generations and preservation of the history helps tell these stories. The federal government realized the importance of these historic sites and implemented the Federal Historic Preservation Tax Incentives program that will encourage private sector investment in the rehabilitation and re-use of historic buildings. At a state-level, 37 states have adopted the state historic tax credit program and are transforming underutilized historic buildings to create more inclusive and resilient communities. What are Historic Tax Credits? Historic Tax Credits (HTC) are a federal tax credit program that provides investors with a 20% credit against the costs of rehabilitating eligible historic structures. This program was established in 1978 and has facilitated the rehabilitation of over 42,000 certified historic buildings. Administered through the National Park Service, Internal Revenue Service (IRS) and State Historic Preservation Offices, it has created over thousands of jobs and turned out to be the nation’s most successful and cost-effective community revitalization program. At the state-level, Historic Tax Credits complement the federal program by providing additional incentives, leading to even greater financial benefit for property owners. 70% of states have adopted some form of historic tax credit incentive to support building reuse and the preservation policy. What Does This Mean for Property Owners, Developers and Investors? Let’s take a look at HTCs on a federal level. Property owners can claim tax credits for up to 20% of qualified rehab expenses and this can offset the cost of rehabilitation to make projects financially viable for owners. As for developers, HTCs will incentivize developers to renovate, restore, and reconstruct the historic buildings. No other tax credit provides as much incentive to preserve…

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SPOTLIGHT SERIES: ANDREW MURO

Foss & Company is comprised of a group of experienced tax credit professionals, representing a depth of knowledge within their respective fields. In this blog series, we highlight different Foss & Company team members to shine a light on the diverse and dedicated people that help make us who we are. As the Vice President of Renewable Energy Portfolio Management, Andrew is in charge of all aspects of investment performance, working with sponsors on project compliance and tax credit investors on fund management. Prior to joining Foss & Company, he created a solar investment vehicle and managed its day-to-day operations. For 12 years prior to that he worked with top-tier solar or renewable energy companies, either financing assets or developing premier asset and portfolio management talent and processes globally. He has overseen some of the largest solar and wind farms in North America, as well as solar sites in Chile, Italy, Spain, England, and Canada. His education credentials include an MBA from ESADE in Barcelona, and a BA from UC Santa Barbara. To learn more about Andrew, read our latest Spotlight blog series installment: How did you get started in the tax credit investing industry?    In 2006, while working on Wall Street doing CleanTech sell side equity research, I came across an opportunity to develop a financing platform for a residential solar company in San Luis Obispo (SLO), CA. I packed up my Prius and drove from Manhattan to SLO, excited for the new opportunity to help a growing company focused on solar. We had some success developing and implementing home equity loans for solar and the team sold the first SunRun PPA deal, which was effectively a tax equity investment. From there I joined a structured finance desk with a solar developer raising tax equity in 2008. I haven’t…

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Capture the Carbon, Capture the Message!

By: Dawn Lima, Vice President of Renewable Energy & Sustainable Technology, Foss & Company   I recently attended the Carbon Capture, Utilization and Sequestration (CCUS) Summit in League City, TX, and the Carbon Capture Coalition’s Annual Meeting in Denver, CO. These events were very successful as well as insightful and I left feeling energized and motivated. It’s always enjoyable to be surrounded by like-minded professionals while making many new connections. I wanted to share some key takeaways from both events. Capture the CO2: CCUS Summit I was very impressed with the active participation from stakeholders across the CCUS industry. There is incredible excitement around CCUS right now, fueled in part by the passing of the Inflation Reduction Act (IRA) in 2022, but mainly due to a motivation to decarbonize our energy sector and achieve climate goals. During the CCUS Summit, we had participants join all the way from Canada, Asia, Europe and South America. The US’ carrot versus stick approach to incentivizing investments through tax credits has certainly captured the attention of other nations and companies. This is evident as we have seen an increase in investment in US-based projects to capitalize on the US tax credit incentives. What was clear during this event is that innovation and collaboration is critical to reaching our climate and net-zero goals. What Are My Thoughts? As we sat down with industry leaders, during our discussions there were some interesting questions that had come up, include: Is the CCUS industry innovating equally in both important areas? Does the 45Q tax credit incentivize both sequestration and utilization equally? Are we – as a CCUS industry – working on CCU projects as well as CCS projects? The short answer? No. In its current form, the 45Q tax credit does not incentivize CCU equally compared to enhanced oil…

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Treasury/IRS Propose New Rules for Implementing Section 48 Energy Tax Credits

By: Bryen Alperin, Partner and Managing Director of Renewable Energy & Sustainable Technologies, Foss & Company   The U.S. Treasury Department and IRS have recently announced the release of proposed regulations (REG-132569-23) for publication in the Federal Register. These regulations are set to amend the existing rules under section 48, incorporating modifications from the Inflation Reduction Act of 2022 (IRA), previous legislative changes, and various administrative guidelines. The Notice of Proposed Rulemaking (NPRM) extends over 127 pages and aims to provide both clarifications and updates concerning the energy tax credit. Initial Foss Takeaways: Key Points for Investors Uncertainty for Biogas Equipment: In a surprising outcome, the proposed rules indicate that “gas upgrading equipment necessary to concentrate the gas into the appropriate mixture for injection into a pipeline through removal of other gases such as carbon dioxide, nitrogen, or oxygen is not included in qualified biogas property”. However, it emphasizes the eligibility of costs associated with essential components of biogas projects, such as equipment for cleaning and conditioning the gas. This has caused confusion and uncertainty in the RNG industry, as many projects feature equipment that both cleans and concentrates the gas. The implication of the proposed rules is that investors will need to do a detailed review of the process flow diagrams and determine which costs are associated with equipment which cleans or conditions gas versus equipment that concentrates gas. Depending on the determination, large portions of existing RNG projects may not qualify for the ITCs they thought they would. The industry will be lobbying to have this definition changed, or further clarified. New “Placed in Service” Criteria: The NPRM proposes a new definition of “placed in service” for Section 48, replacing long-relied-on Section 46 regulations. The definition is as expected and states that projects generating tax credits are considered…

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Investing in a Sustainable Future: Uniting Tax Equity, RECs and Corporate Savings

Did you know the key to a sustainable future lies within Renewable Energy Credits (RECs), corporate savings and tax equity investments? The dynamic synergy between these three showcase how corporations can strategically leverage tax equity to not only address their tax liabilities but also advance their commitment to sustainability.   What are Renewable Energy Credits?  With the federal government taking strong action on climate change, corporations are analyzing their carbon footprint and realizing that investing in Renewable Energy Credit (RECs) agreements and tax equity transactions can lead to being more environmentally responsible while helping improve their bottom line. Now, not all renewable energy sources come strictly from energy systems like solar panels or wind turbines. RECs are created as long as one megawatt-hour (MWh) of electricity is generated from a renewable energy source and delivered to an electric grid. Once it’s generated, corporate customers are able to purchase RECs, therefore allowing the use of renewable energy without installing renewable energy systems.  How do Tax Equity Investments Tie In?   Tax equity investments help fund viable renewable energy projects by enticing investors with a combination of tax savings and cash returns. As for developers, it provides a way to get new projects off the ground. Tax credits are government subsidies for projects like renewable energy, but many developers lack the tax liability to fully use them. That’s where tax credit investments come in. Companies with large tax liabilities can invest and receive tax credits, depreciation benefits and cash flows. RECs bolster the renewable energy market and are a cost-effective, environmentally friendly and decentralized method of carbon reduction.   What Role Do RECs Play in the Tax Equity Market?  RECs and REC markets play a key role in driving new renewable energy deployment and projects by guaranteeing an income stream for new…

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SPOTLIGHT SERIES: MICHAEL YAGER

Foss & Company is comprised of a group of experienced professionals, representing the best in class within their respective fields. In this blog series, we highlight different Foss & Company team members to shine a light on the diverse and dedicated people that help make us who we are.     Michael joined Foss & Company in April 2023. As Vice President of Investments, he works with institutional investors and large corporations to direct capital that is set aside for federal and state taxes into high-impact, tax credit-generating projects with a focus on renewable energy and carbon capture. Prior to joining Foss & Company, Michael spent 10 years developing an all-electric, zero emission freight transportation system. During this time, he expanded the company into three new markets, sourced over a billion dollars of debt and equity capital, and garnered offtake agreements with Fortune 500 companies throughout the United States. Michael graduated from Texas A&M University with a B.S. in Aerospace Engineering and M.Eng. in Industrial and Systems Engineering. Get to know Michael in the latest Spotlight Series Blog:  How did you get started in the tax credit investing industry? Originally, I came from an entrepreneurial background in supply chain and logistics. As an engineer, I spent years developing a new freight transportation system and I then started working to commercialize the technology, so I saw firsthand how much effort went into getting large infrastructure projects financed. Since then, I wanted to move more directly into finance. I was excited at the opportunity to join Foss & Company in a role that allows me to help bring meaningful projects to completion while adding value to the corporations investing in them. When did you join Foss & Company and what interested you about the company? I joined Foss & Company in April 2023 in…

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Powering the Energy Transition: The Role of Tax Equity and Biofuels

As the world races towards a sustainable future, the need for clean and renewable energy sources becomes increasingly vital. In this journey, biogas, bioenergy and renewable natural gas (RNG) are emerging as frontrunners, offering a promising solution to our energy demands. However, the path to widespread adoption requires support from various stakeholders, including tax equity investors. In this blog, we delve into the crucial role of tax equity in accelerating the energy transition and driving the advancement of biofuels. A Vision for the Future As we approach 2030, the energy transition takes center stage. Tax equity and tax credits have become instrumental in driving this transition by incentivizing investments in sustainable energy projects such as solar, carbon capture, electric vehicles (EV) and more. The involvement of tax equity investors is vital in providing financial support to biofuel developers, propelling the growth of biogas, bioenergy, and RNG projects. By channeling their investments strategically, tax equity investors play a pivotal role in shaping a greener and more sustainable future. Unveiling the Potential Biogas, biofuels, bioenergy, and RNG represent the pinnacle of sustainable energy solutions. Biogas is produced from organic waste and serves as a clean source of fuel. Biofuels are derived from renewable organic materials, providing a greener alternative to traditional fossil fuels. These fuels can be seamlessly integrated into existing infrastructure and engine technology, making them readily accessible for widespread adoption. In the quest for a sustainable future, these bio-based energy sources hold tremendous promise. Not only are biofuels compatible with existing infrastructure and engine technology, but they also offer near-to-long-term solutions that have a critical role to play. Tax equity investors facilitate the development of biofuel projects by providing the necessary funding and expertise. Their involvement enables biofuel developers to realize their visions, thereby accelerating the transition towards a sustainable…

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Debunking the Myths About Transferable Tax Credits

Repost of the original article in the Novogradac Journal of Tax Credits, which can be found here. As the renewable energy market continues to grow, the popularity of transferable tax credits as a way to fund projects and reduce corporate tax liabilities is on the rise. Following the passage of the Inflation Reduction Act, provisions enabling the transfer of tax credits have become hot topics for both developers and investors. In this article, we’ll discuss several common misconceptions regarding transferable tax credit transactions. Transferable Tax Credits Overview Transferable tax credits are a valuable financial instrument that allows businesses to reduce their tax liabilities by investing in projects that generate economic, social or environmental benefits. These tax credits can be sold or transferred between taxpayers, enabling companies with little or no tax liability to monetize the credits and create a new revenue stream. As attractive as this financial tool may seem, it’s essential to understand the associated risks. Myth #1: Transferable Tax Credit Buyers Have No Risk When speaking to project developers or prospective investors, we often hear transferable tax credits compared to state certificated tax credits which have almost no risk associated with them. Unfortunately, there are some risks associated with transferable tax credit transactions and it is important for investors to understand those risks. The risks associated vary across the different types of tax credits eligible for transferability. For example, clean energy investment tax credits (ITCs) are subject to recapture risk for five years following the project being placed in service. Carbon sequestration tax credits are subject to a three-year recapture period and the triggering events for recapture are quite different. Clean energy production tax credits (PTCs) are not subject to recapture, but do face volume risks which could lead to under delivery of tax credits in some years.…

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Spotlight Series: Dawn Lima

Foss & Company is comprised of a group of experienced tax credit professionals, representing a great depth of knowledge within their respective fields. In this blog series, we highlight different Foss & Company team members to shine a light on the diverse and dedicated people that help make us who we are.   As Vice President of Renewable Energy and Sustainable Technologies, Dawn Lima manages all aspects of the transaction lifecycle for both solar and carbon capture utilization and sequestration (CCUS) investments, including the identification and development of new CCUS opportunities for Foss & Company. Ms. Lima has over two decades of experience in full cycle of oil & gas energy development, spanning operations, business development and acquisitions & divestitures. To learn more about Dawn, read out latest Spotlight blog series installment: How did you get involved in the tax credit industry? By chance or even fate! After over two decades working in the Oil & Gas industry developing fossil fuel energy I was approached by Foss & Company for a position on the Carbon Capture, Utilization & Sequestration (CCUS) team. I was interested in working on renewable energy projects and Foss offered a unique opportunity. I knew little about the tax credit industry at the time but was very intrigued by tax equity investments; corporations can convert a tax liability to an attractive investment that also has a positive social impact! Tax credits and tax equity investing rings many bells: Investment versus liability, reduces the corporate tax rate, ESG project and positive social impact! What originally interested you about carbon capture and the renewable energy/sustainability industry? I have over 20 years of experience in Oil & Gas and had the opportunity to work both domestically and internationally on a variety of upstream development projects. I chose to pivot and work…

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Energizing the Future: A Comparative Analysis of PTC and ITC for Accelerating Renewable Energy Investment under the Inflation Reduction Act

As the world increasingly recognizes the urgent need to transition to clean and renewable energy sources, governments around the globe are implementing various incentives to boost investment in the renewable energy sector. In the United States, two prominent incentives are the Production Tax Credit (PTC) and the Investment Tax Credit (ITC). Under the Inflation Reduction Act (IRA), these tax credits have been enhanced to further encourage the development and utilization of renewable energy projects. By gaining an understanding of how the IRA has enhanced its influence on renewable energy investment, investors can make more informed decisions when it comes to allocating their resources.  Production Tax Credit  The PTC has long been a crucial policy tool in promoting renewable energy in the United States. It provides a tax credit to project owners based on the electricity production from qualified renewable energy facilities. Historically, the PTC has primarily supported wind energy projects, but through the IRA, its scope has expanded to include other renewable sources such as biomass, geothermal, hydropower, and marine energy.  Investment Tax Credit  The ITC is another critical component of the U.S. government’s renewable energy policy framework. Unlike the PTC, which focuses on electricity generation, the ITC provides tax credits based on the capital investment in qualifying renewable energy projects. It applies to a wide range of technologies, including solar, wind, geothermal, fuel cells, and combined heat and power systems.   Comparing the PTC and ITC under the IRA  Under the IRA, the PTC and ITC are invaluable tools for accelerating renewable energy investment in the United States. With enhanced eligibility periods, increased credit rates, and broader technology coverage, the PTC incentivizes renewable energy production, particularly in the wind sector. The extended ITC eligibility and inclusion of energy storage systems under the IRA fosters the integration of renewable energy sources…

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Spotlight Series: Adam Rutherford

Foss & Company is comprised of a group of experienced professionals, representing a great depth of knowledge within their respective fields. In this blog series, we highlight different Foss & Company team members to shine a light on the diverse and dedicated people that help make us who we are.   With 16 years of experience in financial services, Adam Rutherford specializes in directing investment capital towards impactful projects like renewable energy, carbon capture, and real estate, in collaboration with institutional investors and corporations. His previous roles include serving as a Financial Education Consultant and Investment Analyst at J.P. Morgan. At Empower, he demonstrated excellence in institutional sales for Fortune 500 companies and skillfully managed corporate and nonprofit relationships while overseeing Advisory Services solutions. Adam holds a B.A. in Business Administration with a focus on Finance and Real Estate from the University of Missouri – Columbia, and he obtained an MBA from Columbia University in New York. Learn more about Adam in our latest Spotlight Series: How did you get started in the tax credit investing industry?   I was in the financial services industry at the same firm (through a merger) for 16 years before I got a call about an opportunity with Foss & Company, I loved what I was doing and the people I worked with. Only something as interesting and impactful as what we do at Foss & Company could have prompted a change. I was hooked on the value proposition and the clear positive impact of the investments we take part in.      When did you join Foss & Company and what interested you about the company?   I joined in 2022 to support clients in the Northwest (AK, WA, OR, ID, MT, WY and the Northern half of CA). The dynamic at Foss & Company is very…

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Foss & Company: Celebrating 40 Years in the Tax Credit Marketplace

As Foss & Company reaches its 40th year in business, the company celebrates not only its longevity, but its commitment to excellence, a driving force behind its success. From its inception to the present day, Foss & Company has overcome challenges and pioneered solutions to become a leading organization in the tax credit space. This success can be attributed to its resilience, adaptability to the marketplace and commitment to providing exceptional services to its institutional investor and developer clients.   The company’s adaptability has been key to its survival and growth in tax credit space. Starting out, Foss & Company acted primarily as a broker, connecting institutional investors to developers. However, now the company manages almost 95% of its investments through its investment funds, adding tremendous value to investors. This is made possible by our dedicated acquisitions and underwriting teams and asset managers who carefully evaluate projects using market research, capital structure, performance history, budgets, and more. Projects brought into our funds undergo rigorous due diligence through our in-house experts, external consultants, and third-party certifications. Our asset management team oversees projects once added to a fund and provides extensive reporting services, monitoring each project through deal exit. This evolution in investment strategy reflects Foss & Company’s ability to pivot and adapt to market changes while staying true to its mission of creating value for institutional investors and developers alike.  The company’s agility and dynamic approach combined with tremendous institutional knowledge are what truly make Foss & Company stand out. Encouraging an entrepreneurial and solution-oriented workplace, Foss & Company has more flexibility to identify gaps in the marketplace, coming up with creative solutions and product offerings that lead to more opportunities for engagement. Some examples of this have included creating State Tax Credit Funds for our investors that have a more drilled…

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Spotlight Series: Paddy O’Brien, Vice President, Investments

Foss & Company is comprised of a group of experienced professionals, representing the best in class within their respective fields. In this blog series, we highlight different Foss & Company team members to shine a light on the diverse and dedicated people that help make us who we are.  Paddy O’Brien joined Foss & Company as an Investment Operations Intern in March 2020. As Vice President of Investments, Paddy plays a crucial role in all aspects of investment sourcing, client relations, and research processes. Prior to joining Foss & Company Paddy was researching the impact of regulation on the growth of emerging financial technology markets at the University of Otago. He was the youngest graduate with both a Bachelors of Science in Economics and Masters of Finance degree in his Alma Matter’s history. Outside of work, Paddy spends his time volunteering and finding ways to support small-scale regenerative agriculture with technology.  Get to know Paddy in the latest Spotlight Series blog:    How did you get started in the tax credit investing industry?     I started as an intern working at Foss & Company in the research division, I saw this as an opportunity to leverage my analytical and sustainable finance-oriented background.     When did you join Foss & Company and what interested you about the company?   I joined Foss & Company in the first half of 2020, just as the COVID-19 pandemic began. I was looking for a company that aligned with my personal goals and had the opportunity to make an outsized impact with my efforts. At Foss & Company, this is possible because we are able to introduce very large institutional investors to attractive sustainable technology and vital infrastructure investments. The impact that these projects deliver is far greater than any single person could accomplish in the fight against…

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What Do We Know About the Transferability of Renewable Energy Tax Credits?

By Bryen Alperin, Managing Director  This blog is the second in a series that will explore the opportunities in the transferability of renewable tax credits for investing in renewable energy and reducing tax liability.     The Inflation Reduction Act, signed into law on August 16, 2022, has created new opportunities to invest in a sustainable future. There are many options, but one of the more promising is new transfer provisions which allow for the transfer of renewable energy tax credits between taxpayers. With these new transfer provisions, a taxpayer can purchase a tax credit generated from an eligible project, for example, at $0.90 per $1 of tax credit and then apply the credit to reduce required tax payments to the IRS by the full $1.   We know enough about transferability to be certain that this added feature in the Internal Revenue Code will allow for a meaningful new avenue to access tax credits from renewable energy projects, and we expect these changes to expand the population of taxpayers that participate in the renewable tax credit market.  The industry anxiously awaits guidance from the IRS on the intricacies of transferability, and when that guidance will be delivered is still uncertain. However, we do have solid visibility into what participants can expect, including that:  Taxpayers can elect to transfer all or a portion of their tax credits to a non-related transferee.  Payment for credits must be in cash.  The tax credit amount will not be included in taxable income, nor deductible.  There are no caps or phase outs (unlike direct pay).  Election must be made no later than the due date (including extensions) for the respective tax return, and is irrevocable.  Transferees cannot re-transfer the credits.  If the tax credit is generated by a partnership, the partnership needs to make the election.   Transferability…

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Spotlight Series: Kip Kimble, Vice President, Investments

Foss & Company is comprised of a group of experienced professionals, representing the best in class within their respective fields. In this blog series, we highlight different Foss & Company team members to shine a light on the diverse and dedicated people that help make us who we are.      Kip Kimble joined Foss & Company in February 2020. As Vice President of Capital Markets, Kip works with insurance companies, financial institutions and other companies to redirect funds earmarked for state and federal taxes into investments that generate tax benefits, cash flow and other benefits including improved ESG ratings. Additionally, Kip runs Foss & Company’s debt platform that sources and places project level debt for Foss developer clients to go alongside Foss tax equity investments. Kip brings more than 30 years of commercial real estate and debt experience to the company.  Kip graduated from the University of Michigan in 1985 with a Bachelor of Arts degree with a major in Economics within the school of Literature, Science and the Arts.  Get to know Kip in the latest Spotlight Series Blog:    How did you get started in the tax credit investing industry?    After a long career in commercial real estate banking and debt placement, the learning curve had flattened out and I was looking for my next chapter. The idea of sourcing debt and tax equity to help capitalize impact projects was very attractive to me. When I started at Foss & Company, I focused on finding third-party construction/mini perm loans to go alongside Foss’s tax equity investments. Foss & Company had become more of a one-stop shop and brought an increased percentage of the capital stack for these tax credit projects. That role grew into sourcing capital for tax equity bridge loans as well as working with large companies to…

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Tax Equity and ESG: Leveraging Tax Credits for Sustainable Investments

Due to the risks posed by unsustainable practices, Environmental, Social, and Governance (ESG) analysis has gained increasing importance in the corporate world. This approach considers key stakeholders outside of shareholders during investment analysis, which helps investors protect against risks, capitalize on green opportunities, and attract ESG-conscious investors. By doing so, ESG analysis promotes stakeholder capitalism.  In recent years, ESG-aligned investments have accelerated and outperformed the market. Environmental and social factors are among the top risks identified by the World Economic Forum, and double materiality makes ESG-aligned corporations best positioned for a low-carbon future. Governments can incentivize private investment in green industries through taxes and tax credits, which are an increasingly popular option as part of ESG strategies. Tax credit investments provide a market and revenue stream for renewable energy producing organizations, enabling them to align themselves with a sustainable, low-carbon economy and reduce their transition and liability risks and cost of capital while enhancing their ESG-credentials.  Currently, ESG measurement and reporting space lacks a universal framework and consistency in terminology, data, and practices. The Taskforce on Climate-related Financial Disclosures (TCFD) framework and the EU Action Plan on Sustainable Finance aim to provide clarity and guidance on ESG and its incorporation into investment decisions, while the US Securities and Exchange Commission’s proposed disclosure rule will mandate public companies to report on their ESG impacts and seek assurance on that data from a third party. Companies that report and progress on ESG impacts and progress towards ESG goals are viewed as remaining competitive, while financial markets predict long-term benefits for returns.  ESG-related disclosures are important as they provide stakeholders with the necessary data to analyze the material impacts of an organization. This enables companies to make smarter tax credit investment decisions and report the investments afterwards, meeting stakeholder expectations and enhancing their…

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Spotlight Series: Jennifer Pruett, Vice President, Investments 

Foss & Company is comprised of a group of experienced professionals, representing the best in class within their respective fields. In this blog series, we highlight different Foss & Company team members to shine a light on the diverse and dedicated people that help make us who we are.     Jennifer Pruett joined Foss & Company in October 2021 and sources institutional investor capital for placement into Foss sponsored state and federal tax credit funds. Prior to joining Foss, Jennifer spent 20+ years in asset management representing traditional and alternative investment strategies including managed futures, fund-of-hedge funds, CLOs and structured products. In these roles she was responsible for developing strategic growth initiatives, delivering investor education and for expanding firm visibility across institutional and wealth management channels. She graduated from Williams College and has a BA in History.  Get to know Jennifer in the latest Spotlight Series Blog:  How did you get started in the tax credit investing industry?  Completely by accident!  After years of working within the asset management industry and specializing in alternative investments, I was approached by Foss & Company for a position on the investor relations team. Despite prior experience working with less traditional, illiquid alternatives I wasn’t particularly familiar with real estate or tax credits. Interestingly, there were some strong parallels between my past roles and the responsibilities at Foss. So much of what we do requires enormous amounts of time and patience; we are often educating clients on the complexities of tax credit investing, including the diverse array of federal and state tax credit programs that are available. There are many intricacies related to the Internal Revenue Code, the impact of pending regulations, and fund structure. Investors tend to see us as a valuable resource as they become more strategic with their tax dollars.     When…

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2022 Year in Review

Foss & Company 2022 project, Radical Hotel Many companies have long overlooked tax equity investing as part of their tax strategy for different reasons. But this past year has presented new, unique opportunities in the tax equity market for both developers and investors. The Inflation Reduction Act (IRA) has provided more incentives than ever in US history for tax credit investments and facing the current challenge of inflation and increasing interest rates, tax equity may be essential to push projects forward. 2022 proved to be a big year for Foss & Company as well. In June, Foss announced that in addition to the over $8 billion in tax equity the company has deployed since its inception, we have over $1 billion in tax credits currently under management. Among other milestones, the Foss & Company team has continued to grow. We welcomed 14 new team members who have helped grow our capital markets, renewable energy, marketing and real estate teams. We are also pleased to share that in August of 2022, Foss & Company featured North Carolina project, Capitola Mill, won the Gertrude S. Carraway Award for demonstrating a commitment to extraordinary leadership, research, philanthropy, promotion, and/ or significance in preservation. We could not be more thrilled with our successes in 2022, and we could not have done it without our dedicated team, developer partners and investor clients. Vision 2045: A Look Towards the Future In 2022, Foss & Company had the unique opportunity to be featured in the Vision 2045 campaign. This campaign supported the United Nations and its objectives for the institution’s 100- year anniversary in 2045 and aimed to inspire businesses and people to take collective action to ensure a better future for all.  As part of this multi-faceted campaign, Foss & Company produced a short, documentary-style video that highlighted…

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GAAP Principles for Renewable Energy Tax Credits

Generally Accepted Accounting Principles (GAAP) are a set of guidelines and rules that companies use to prepare their financial statements. These principles are established by the Financial Accounting Standards Board (FASB) and provide a consistent framework for companies to report their financial information to investors, analysts, and regulators.  Renewable Energy Tax Credits (RETCs) require specific accounting principles to which companies must adhere to accurately reflect the economic benefits of these credits in their financial statements. One of the key principles is the deferral method, which allows companies to recognize the tax credits over a period of time rather than all at once.  The deferral method is used to reflect the economic benefits of the tax credits in a more accurate and realistic manner. When tax credits are recognized all at once, it can lead to overstating the value of the credits and can result in a mismatch between the tax benefits and the associated costs. By spreading the recognition of the tax credits over a period of time, companies can align the tax benefits with the associated costs, providing a more accurate representation of the economic benefits of the credits.  To use the deferral method, companies must determine the period over which the tax credits will be recognized. This is typically the same period as the project’s useful life, which is the period over which the project is expected to generate economic benefits. Companies must also determine the amount of tax credits that will be recognized in each period. This is typically done by using an estimate of the expected tax credits for the period and adjusting it as necessary based on actual results.  In addition to the deferral method, companies must also follow other GAAP principles when accounting for RETCs. These include properly classifying the credits as either a…

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drew goldman

Spotlight Series: Drew Goldman, Vice President, Investments

Foss & Company is comprised of a group of experienced professionals, representing the best in class within their respective fields. In this blog series, we highlight different Foss & Company team members to shine a light on the diverse and dedicated people that help make us who we are.    Drew Goldman, Vice President of Investments for Foss & Company, spent 18 years in financial services and held roles including equity syndication, strategic M&A, global investment banking, corporate lending, and commercial real estate before joining Foss & Company in 2019. Drew has an MBA from Emory University’s Goizueta Business School and earned his BBA from The University of Texas at Austin.  Get to know Drew in the latest Spotlight Series blog:   How did you get started in the tax credit investing industry?    After working in the corporate finance and investment banking industries, I moved “back home” to Atlanta in 2005 and found myself in charge of business development for an apartment management company; a large portion of the third-party units were in the Low-Income Housing sector, so I learned a lot about tax credits by absorption.   With 2008 – and the “Great Recession” an opportunity to raise capital for a large LIHTC syndicator presented itself. I then transitioned into tax equity. Since then, I have migrated from Housing into Renewable Energy and Historic Preservation.  When did you join Foss & Company and what interested you about the company?    I joined Foss in January 2019 with a growing interest in financing Renewable Energy and other Sustainability-focused initiatives. Foss has a highly entrepreneurial culture, and a flexible approach to our evolving marketplace.   What do you find important or interesting about tax credits?    I have been in financial services since the 1990s – tax credit equity is well-proven for mobilizing private sector capital into…

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ESG: Good for Business, Good for the Planet—Reflections on the Global Vision 2045 Conference

In November, Foss & Company Managing Director Bryen Alperin and Associate Vice President of Renewable Energy Investment Operations Annie Amrhein travelled to Sharm-El-Sheikh, Egypt to join business leaders from around the world in sharing best-practices that promote the United Nation’s Sustainable Development Goals (SDGs) within their organizations. We have included their reflections from the conference below:  Climate change is a global problem. What insights did you gain through the lens of a global assembly of leaders and experts that differ from US-focused events?  One major reflection I took away from this type of global assembly is how climate change, associated impacts, and overall management of these impacts, has no bounds. There were so many different industry players present from product manufacturing to electric vehicles to real estate management to professional sports to public officials. This varied representation was significant and showcased quite clearly how climate change issues are not contained nor confined to one sector. I think where there is variation is how companies and industry players are choosing to enact sustainable solutions. Although the underlying goal may be the same, due to the nature of a company’s core mission, revenue stream, position within the market, etc., these differing factors influence how decision-makers not only develop but ultimately implement within their given business structures.    Throughout discussions, what were some general consensuses between global leaders and experts concerning sustainability? What were some of the biggest differences in perspectives?  The conference showed evidence that the “sustainability and environmental initiatives are bad for business” argument no longer holds merit. In fact, I think the opposite is now the case of if a business representative is unable to speak to what the company is taking to decarbonize infrastructure, minimize waste, promote sustainable measures throughout its employee base, then it may result in negative business…

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HOW INFLATION REDUCTION ACT SOLAR ITC ADDERS SUPPORT SUSTAINABLE DEVELOPMENT GOALS

Incentives for renewable energy have been a hot topic in the U.S. lately, especially with new provisions geared towards implementing recently developed technologies that aim to fight climate change. The Inflation Reduction Act (IRA), signed into law in August of this year, contained significant adjustments to several climate and sustainability solution incentives. Widely regarded as landmark legislation, it was one of the most extensive environmental policies in decades. It laid the groundwork for incremental change through increases in tax credit incentives for projects like Carbon Capture, Utilization and Sequestration (CCUS), battery storage, and solar Investment Tax Credits (ITCs). Under the IRA, institutional investors may now see higher tax credit returns on their investment and new opportunities through ITC adders. The U.N.’s Sustainable Development Goals (SDGs) offer a blueprint to achieve a better and more sustainable future for all. They address the global challenges we face, including poverty, inequality, climate, environmental degradation, prosperity, and peace and justice. No one action can address all 17 goals at once but using the SDGs as guidelines can help inform corporations of processes that can help tackle some of the most pressing issues of our time. The adjustments made to policies under the IRA align in many ways with the SDGs including those made to solar ITCs. ITCs are calculated as a percentage of the cost that solar developers spend on solar power production equipment while constructing a project. Before the IRA, ITCs were set to reach 10% by 2024, but under the IRA, they now have a base rate of 30% locked in for the next ten years. The law also includes certain adders that can increase the total amount to 60%. The increased incentives can help move solar projects forward despite the recent high interest and inflation rates. These adders include, but are not limited to: 10% for projects located…

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Spotlight Series: Tony Pucci, Director, Real Estate Investments & Portfolio Management

Foss & Company is comprised of a group of experienced professionals, representing the best in class within their respective fields. In this blog series, we highlight different Foss & Company team members to shine a light on the diverse and dedicated people that help make us who we are.   Tony was born and raised in the San Francisco Bay Area, earning his bachelor’s degree from UC Berkeley and his law and business degrees from Santa Clara University. After spending years as an attorney, he joined Foss & Company in 2017. As Director of Real Estate Investments & Portfolio Management, Tony oversees the underwriting and asset management of Foss Historic Tax Credit (HTC) investments, working closely with real estate developers, institutional investors, and industry partners.   Get to know Tony in the latest Spotlight Series blog:   What originally interested you about the historic rehabilitation industry?   I have always been interested in real estate development, especially projects that have a meaningful impact on the community. I also like old buildings and historic architecture. I would much rather see a building repurposed than demolished. The rehabilitation of a building is an interesting process, and more challenging than new construction. In the end, a valuable resource is being conserved and enhanced, and that’s a great benefit for all.    When did you join Foss & Company and what interested you about the company?  I joined Foss in January 2017. I was looking for new opportunities and when I learned about Foss, I did a lot of research on the company and the tax credit industry. The more I learned, the more excited I was about joining the company. I wanted to be a part of financing historic rehabs by monetizing tax credits. It’s a great business, and it’s rewarding to be a part of the rehabilitation…

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Investment Tax Credits: An Underrated Tool Delivering Financial & ESG Benefits

It is rare to find a multi-functional, multi-faceted “Tool” that creates a “win-win-win” outcome in the world of corporate finance. Fortunately, there is a Tool that creates value across multiple corporate areas simultaneously, but it is little known, often overlooked, and certainly underused. This Tool is the Investment Tax Credit (ITC). Approved by the U.S. Congress, enshrined in the Internal Revenue Code, and encouraged by the federal government, ITCs allow those with a US tax liability to redirect their federal income tax obligation towards specific economic sectors or qualified projects. In other words, with the blessing of Uncle Sam, a company can repurpose its tax liability and invest in ESG (Environmental, Social and Governance) initiatives and reap a financial reward. Unfortunately, ITCs continue to be underutilized despite the benefits afforded to corporations seeking to deploy impactful strategies to manage tax rates and create shareholder value. Let’s be honest, the tax strategy of a corporation may often be disregarded and undervalued. Tax departments tend to be isolated from the executive floors and often excluded from strategic decisions. Perhaps it is time for the C-Suite to pay more attention to their tax teams. Similarly, it’s also time for the market (i.e., equity research analysts and portfolio managers) to pay closer attention to what companies are doing below the standard EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) line with regards to tax strategies and give them credit when these strategies lead to secondary, yet impactful, noble causes.  Admittedly, it is not an easy (or exhilarating) task. For one, understanding the Tax Code is daunting. In addition, companies tend not to disclose much about their tax strategies. Other than the effective tax rate or “ETR” (actual income tax paid/EBT), and the occasional disclosure of the impact of “extraordinary” or “discrete” items, not much…

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Understanding Scope 1, 2, & 3 Emissions: How you can Reduce Your Emissions With Tax Credits

BY BRYEN ALPERIN, DIRECTOR OF RENEWABLE ENERGY AND SUSTAINABLE TECHNOLOGIES A March 21 meeting of the Securities and Exchange Commission (SEC) proposed a reporting framework for publicly traded companies to provide information about the carbon intensity of their businesses. Voluntary disclosure of climate risk factors has already become widespread in recent years, with the SEC estimating that about one third of regulatory filings submitted by public companies in 2019 and 2020 included some degree of environmental impact assessment. Standardizing these disclosures will make them more functional for investors as “consistent, comparable, and reliable information” on climate-related risk exposure, says the SEC’s recent guidance. Carbon accounting, the process by which emissions are calculated and attributed, has evolved in recent years thanks to work by the World Resources Institute and the World Business Council for Sustainable Development. Their joint Greenhouse Gas Protocol lays out three principal areas of emissions: Scope 1: Direct Emissions Scope 1 emissions result directly from business activities, such as fuel used in vehicles owned by the company and exhaust from running manufacturing equipment. This is the simplest scope of emissions to calculate and would be required of all publicly traded companies under the proposed rule change. One option for reducing your Scope 1 emissions are carbon offsets. Example carbon offsets you can purchase include forest preservation, energy efficiency projects, or carbon capture. There are a variety of brokers which sell carbon offsets, but since the market is largely unregulated, it’s important you work with an expert advisor to perform due diligence on your purchase. Tax Credit Use Case: The recently improved 45Q Sequestration Tax Credit is a tax credit for carbon capture and sequestration. Projects which generate 45Q tax credits may also produce carbon offsets, and tax credit investors may be able to gain access to carbon offsets…

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$20 Million In Solar Tax Credit Investments

Foss & Co. Managed Over $20 Million In Solar Tax Credit Investments In 2017​

Growth continues in 2018 January 24, 2018, San Francisco CA – Foss and Company is pleased to announce that they closed out the 2017 calendar year having managed over $20 million in solar tax credit investments. The investments were made into seven unique projects that were all Massachusetts-based and approached 20 megawatts in scale. Foss Renewables Managing Director Alex Tiller said, “We were pleased with our 2017 results and are looking forward to investing over 10 times that amount in 2018 via our new renewable energy focused fund.” Tiller went on to say, “renewable energy investments are nothing new to this firm. Over our last 35 years we’ve managed over $500 million in renewable and alternative energy tax credit investments including some of the first large scale solar thermal SEGs projects in the Mojave Desert way back in the 1980’s. We’ve participated in landfill gas, refined coal and anaerobic digesters transactions as well. Foss and Company is a nationally recognized institutional investment management firm dedicated to providing corporate investors the greatest access to federal and state tax credit driven investments in the tax credit marketplace. Their services for solar developers include market pricing and transaction structuring, direct tax credit equity investments and private placement services. Additional information about the company is available at: fossandco.com

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