Tax Act and Its Consequences for Renewable Energy Projects

In December 2017, Congress approved the most sweeping tax re-write in decades.  On the face of it, renewable energy-related provisions emerged relatively unscathed.  In particular, the wind production tax credit (PTC) and solar energy investment tax credit (ITC) were left intact and unaltered.  Nevertheless, other provisions of the Tax Act will still trigger significant impacts re: the financing and tax equity surrounding renewable energy projects.

This webinar will evaluate how the tax legislation will impact wind, solar and other renewable energy projects on a current and long-term basis, with regards to: 

• The reduction of the overall corporate income tax rate to 21%
• The new bonus depreciation regime
• The imposition of the new Border Erosion Anti-Abuse Tax (BEAT)
• Rules impacting the use of pre-paid power purchase agreements (PPAs)
• Rules impacting special handling of pass-through entities
• A host of other tax changes that will limit and suspend tax equity and financing for renewables

Learning Outcomes

• Identify impacts of the legislation on current operating assets
• Evaluate the effects of tax rules on prospective renewable energy development
• Assess upcoming challenges for financing renewable energy projects and “ground rules” for working with the new measures

Credits

EUCI is accredited by the International Accreditors for Continuing Education and Training (IACET) and offers IACET CEUs for its learning events that comply with the ANSI/IACET Continuing Education and Training Standard. IACET is recognized internationally as a standard development organization and accrediting body that promotes quality of continuing education and training.

EUCI is authorized by IACET to offer 0.2 CEUs for this event.

Instructional Methods

PowerPoint presentations and instructor discussions will be used in this program

• Review key parts of Congress’ Tax Act that will impact the renewable energy industry
  • The reduction of the overall corporate income tax rate to 21%
  • The new bonus depreciation regime
  • The imposition of the new Border Erosion Anti-Abuse Tax (BEAT)
  • Rules impacting the use of pre-paid power purchase agreements (PPAs)
  • A host of other new tax rules that will limit and suspend tax equity and financing for renewables
• Tax issues expected for new and existing projects
  • Financing new deals and prospective projects
  • Impacts to projects in development
  • Impacts to completed projects and operating assets
• Moving forward with the new legislation –identify the new “ground rules” and best practices for renewable energy financing and tax equity

Jim Duffy/ Partner/ Nixon Peabody LLP

James F. Duffy is a partner in the Boston office of the national law firm, Nixon Peabody LLP.  He serves as the Chair of the firm’s Renewable Energy Tax Credit Team and concentrates his practice on structuring and closing transactions involving federal income tax credits and other significant federal and state income tax incentives, including Production Tax Credits for wind and other forms of renewable energy, Energy Investment Tax Credits for solar and certain other forms of renewable energy, as well as Treasury cash grants in lieu of Energy Investment Tax Credits.  His practice also covers New Markets Tax Credits, Historic Rehabilitation Tax Credits, and Low-Income Housing Tax Credits.  He has represented numerous developers, investors, syndicators and lenders in structuring and closing renewable energy and other transactions.  He has served as the chair of the Equity Finance Committee of the Real Estate Section of the Boston Bar Association and as a member of the Real Estate Steering Committee of the Boston Bar Association and is admitted to practice in Massachusetts. He is a graduate of the University of Rhode Island, B.A., summa cum laude (1978), and The Harvard Law School, J.D. (1981). 

Tony Grappone, Partner, Novogradac & Company LLC

Tony Grappone is a partner in the Boston, Mass. office of Novogradac & Company LLP, where he specializes in providing accounting, tax and consulting services to developers, syndicators and investors of projects that qualify for federal and state tax credits such as the low-income housing tax credit, historic rehabilitation tax credit, new markets tax credit and renewable energy tax credits. Mr. Grappone is a frequent speaker at various renewable energy and other tax credit industry events and has contributed several articles on renewable energy to the Novogradac Journal of Tax Credits and serves as a technical editor of the firm’s Renewable Energy Tax Credit Handbook. Prior to joining Novogradac & Company LLP, Mr. Grappone worked at Ernst & Young LLP specializing in partnership taxation within the affordable housing industry and servicing many of the nation’s largest tax credit syndicators and investors. In addition, he served several leading venture capital firms as well as commercial real estate developers and investors. Mr. Grappone serves as a member on the Northeastern University Undergraduate Accounting Group Advisory Board and is on the board of directors of the Women’s Institute for Housing and Economic Development. He received a bachelor’s degree from Northeastern University in Boston, Mass. and is licensed in Massachusetts and New Hampshire as a certified public accountant.

Forrest Milder/ Partner/ Nixon Peabody LLP

Forrest David Milder is a partner in the Boston office of Nixon Peabody LLP.  He has more than 30 years’ experience in the tax aspects of project finance, particularly renewable energy (including solar, wind, geothermal, and biofuels), housing, historic rehabilitations, and new markets, as well as many other related fields, including partnerships and limited liability companies; tax-exempt organizations and unrelated business income; business formation, operation, and disposition; executive compensation; and tax-exempt bonds and other structured financial products.

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Tax Act and Its Consequences for Renewable Energy Projects

January 18, 2018 | Online