Impact Technologies has released a software update that provides support for the latest Inflation Reduction Act (IRA) management and reporting requirements for energy community bonus credits.
“The IRA presents an unprecedented opportunity for community- and utility-scale developers, EPCs and tax equity investors, but keeping up with evolving guidelines and managing project tax compliance is no small task,” said Charles Dauber, CEO and founder of Impact. “We are proud to offer customers a turnkey IRA compliance management system, giving them all-in-one tools and services to ensure they can maximize tax benefits for their projects.”
To benefit from the Energy Community Credit, a project must meet the requirements for at least one of the three types of Energy Community Sites defined in the Internal Tax Code: 1) a brownfield site with limited reuse potential due to the presence of hazardous substances; 2) a metropolitan statistical area or a non-metropolitan statistical area that has (or has ever had after 2009) a specified percentage of employment related to fossil fuels and an unemployment rate at or above the national average for the past year; and 3) a census tract (or immediately adjacent census tract) in which a coal mine has been closed or a coal-fired energy unit has been decommissioned.
Empact can support customers with eligibility requirements and then manage compliance documentation and verification requirements on the customer’s behalf.
The new version of Empact’s software is provided at no additional cost to existing Empact customers and is available on a free trial period to qualified community and utility developers.
News item from Empact
