Number
240859
Version
SUBSTITUTE 1
Reference
221233, 221725
Sponsor
ALD. BROSTOFF
Title
Substitute resolution authorizing the appropriate City officials to apply for elective pay tax credits on eligible clean energy projects, retain outside counsel, and waive certain conflicts.
Analysis
The federal Inflation Reduction Act extended and expanded tax credits for qualifying clean energy projects, including but not limited to solar energy projects and electric vehicles. Additionally, the new law allows tax-exempt entities, including local governments, to receive direct payments from the federal government for qualifying projects under provisions commonly referred to as “direct pay” or “elective pay.” This resolution authorizes the Department of Administration-Environmental Collaboration Office to apply for elective pay tax credits on eligible projects. Awarded tax credits will be deposited in a newly established Contribution Account that can be sub-allocated to City Departments that installed clean energy projects or made purchases eligible for elective pay tax credits and worked with the Department of Administration-Environmental Collaboration Office to provide necessary project details and documentation to apply for those tax credits. This resolution further authorizes the City Attorney to retain Lawyers for Good Government, Inc. to provide free legal advice in relation to the City’s elective pay tax credit filing, to retain local counsel or co-counsel as necessary, also at no cost to the City, and to waive legal conflicts those firms may have in matters that are unrelated to the elective pay tax credit filing.
Body
Whereas, The City’s Climate and Equity Plan calls for a 45 percent reduction in community greenhouse gas emissions by 2030 and achieving net-zero community greenhouse gas emissions by 2050, while using the Inflation Reduction Act provisions for financing the strategies outlined in the Plan; and
Whereas, The federal Inflation Reduction Act...
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