Empact Technologies has released a software update that incorporates support for the latest Inflation Reduction Act (IRA) energy community bonus credit compliance management and reporting requirements.
“The IRA provides an unprecedented opportunity for community and utility-scale developers, EPCs, and tax equity investors, but keeping up with the evolving guidance and managing project tax compliance is no small task,” said Charles Dauber, CEO and founder of Empact. “We’re proud to provide a turnkey IRA compliance management system for clients, giving them all-in-one tools and services to ensure they can maximize the tax credits for their projects.”
To benefit from the energy community credit, a project must meet requirements for at least one of the three types of energy community sites defined in the Internal Revenue Code: 1) a brownfield site with limited reuse potential due to the presence of hazardous substances; 2) a metropolitan statistical area or non-metropolitan statistical area that has (or had at any time 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 directly adjoining census tract) in which a coal mine has been closed or a coal-fired energy unit has been retired.
Empact can support clients on eligibility requirements, and then manage compliance documentation and verification requirements on clients’ behalf.
The new version Empact’s software is provided at no additional cost to existing Empact clients, and is available to qualified community and utility-scale developers through a free trial.
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