New Energy Efficiency Tax Benefits And Grants Available For Nonprofits In 2023 And Beyond

CATEGORY: Private Education Matters
CLIENT TYPE: Private Education
DATE: Nov 07, 2022

President Biden signed the Inflation Reduction Act (IRA) on August 16, 2022, which contains, among other provisions, key clean energy incentives for nonprofit organizations, including independent nonprofit schools, in the form of tax credits and deductions.  The IRA is especially impactful for nonprofit organizations because it allows them to receive direct cash payments for certain tax credits by adding a new section, Section 6417, to the Internal Revenue Code.  We are awaiting guidance from the IRS on the process for nonprofit organizations to receive these direct cash payments.

In addition to the IRA, the Energy Efficiency Materials Pilot Program set aside $50 million for nonprofit 501(c)(3) organizations to purchase certain energy-efficiency materials.

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