Aaron Vera Quoted in Tax Notes on IRA Energy Credits
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Akin tax counsel Aaron Vera was quoted by Tax Notes in its article “Tax Attorneys Weigh Pros and Cons of IRA Energy Credits.” The article dives into a Houston Law Center International Energy Tax Conference panel discussion on navigating clean energy subsidies in the Inflation Reduction Act.
On the topic of the application process for the advanced manufacturing tax credit, Aaron noted that the Department of Energy (DOE) “essentially acts like the College Football Playoff Committee,” pointing out the DOE ranks companies before the IRS decides recipients of the $10 billion allocated to the program.
Aaron added that allocation decisions include certain“objective critical factors,” such as how much carbon footprint is reduced and how quickly a technology could be implemented, in addition to societal considerations such as how many jobs would be created and any potential exposure to foreign countries whose involvement is restricted under the law.
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