by Jeff Della Rosa (JDellaRosa@nwabj.com)
A new federal law that’s expected to impact climate change will extend or establish tax incentives for solar arrays, electric vehicles and U.S. manufacturers of solar array components, Arkansas energy officials said.
On Friday (Aug. 26), the Arkansas Advanced Energy Association hosted a virtual event to highlight how the Inflation Reduction Act will affect the energy industry. On Aug. 16, President Joe Biden signed the act into law after Congress approved it along party lines. The Arkansas Congressional Delegation voted against it.
Paul Osborne, partner for HCJ CPAs and Advisors, discussed the act’s $369 billion in climate and energy-related provisions that includes new or extended tax credits. He said a solar production tax credit that had expired in 2006 has been restored under the new law.
