On July 27, 2022, Senator Joe Manchin and Senate Majority Leader Chuck Schumer jointly announced that they had reached an agreement on the Inflation Reduction Act of 2022 (the “Act”). If enacted in its proposed form, the Act would invest $369 billion in various strategies to help fight climate change. The Act seeks to boost and support the industries that can help curb the country’s dependence on fossil fuels. The Act contains provisions that would benefit both residential and commercial property owners by helping them to make their properties more energy efficient, reduce their electricity bills and make technologies that lower carbon emissions more affordable. We anticipate that, if passed, the Act would create significant potential opportunities for real estate owners, investors and lenders. We are closely monitoring these potential opportunities (and the accompanying obligations) and will continue to provide insight into these developments as and when details become available.
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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