Monetizing Clean Energy Tax Credits from the Inflation Reduction Act

Environmental sustainability is important to independent schools, and many have invested resources in their physical plant accordingly. The Inflation Reduction Act of 2022 (IRA) is a game-changer for organizations investing in clean energy technologies. Several federal tax credits were created under the IRA, and what’s more, these credits are now refundable for tax-exempt entities and state and local governments. The IRA also created several bonus credits to encourage domestic manufacturing and well-paying jobs. Combined with the underlying base credits, these benefits can result in credit rates over 50% of your qualified investment.

Learning Objectives:

• Understand the various credits available to not-for-profit schools under the IRA for clean energy investments.
• Understand how not-for-profit schools can monetize credits through the IRA’s direct pay process.
• Learn how you can plan for IRA credits in your capital planning and construction budgets.

Pricing

Members: Free
Nonmembers: $105.00

Credit Information

Presenters

Michael De Prima

Tax Principal

CLA

Michael De Prima leads CLA’s federal tax strategies group. He provides specialized tax services for clients across a wide range of industries, including manufacturing, software, life sciences and energy. He brings 15 years of experience in research tax credits, energy incentives, mergers and acquisitions, and fixed assets. He has a J.D. in Nova Southeastern University, a master of laws degree in taxation from the University of Denver and a BA from Florida Atlantic University, and is a memer of the Colorado and Florida bars.

Larry Eighmy

Managing Principal and Founder

The Stone House Group

Larry Eighmy is the managing principal and a founder of The Stone House Group (SHG), which is widely recognized as an industry leader in providing facilities, operations and financial guidance for institutions worldwide. Eighmy is passionate about instilling sustainability within his communities and is currently engaged on several volunteer committees. He serves as a steering committee member of the Community Benefit District initiative of South Bethlehem, Pennsylvania. Previously, he served on the vestry of the Cathedral Church of the Nativity and as chairman of the board of the Green Schools Alliance. Currently, Eighmy sits on the Saucon Valley Conservancy Advisory Committee and serves as a board trustee and treasurer for Moravian Academy. Eighmy earned his bachelor’s degree from Middlebury College and most recently received a certificate in sustainability from Harvard University’s Executive Education. He has presented at NBOA, EACUBO, NAIS, NFMT, NAES, AASHE and TABS.

John Toscano

Principal - Independent School Segment Leader - Nonprofit

CLA

With 30 years of experience, John Toscano’s primary focus throughout his career has been serving educational institutions of all types, with a special focus on independent schools, and providing specific experience with endowment-related matters. He regularly provides guidance on topics such as investment and endowment accounting and reporting, including alternative investments, financial statement presentation, accounting software use and implementation, Form 990 and exempt organization tax compliance, student financial aid compliance audits, unrelated business income, budgeting and internal financial reporting, and corporate governance. His overall experience includes providing accounting, auditing, tax, and advisory services to clients in various industries, including education, nonprofit, construction and manufacturing. Additionally, Toscano is a frequent contributor to NBOA, as a presenter and author, and was a past recipient of the Hartford Business Journal’s 40 under 40 award.