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ULI Virginia: Inflation Reduction Act: Implications for Real Estate
November 8 @ 4:00 pm - 5:30 pm
Wednesday, November 8
4:00 pm – 5:30 pm
Main Street Station – The Square
1500 E Main St
Richmond VA 23219
Congresswoman Jennifer McClellan, U.S. representative for Virginia’s 4th congressional district.
Levar Stoney, Mayor of Richmond
Laura Thomas, Director of the Office of Sustainability, City of Richmond
Marta Schantz, Co-Executive Director, ULI Randall Lewis Center for Sustainability in Real Estate
Ben Evans, Federal Legislative Director, U.S. Green Building Council
Tip Brown, Director of Asset Management, Venture Realty Group
Christopher Corrada, Principal, Riverstone Properties
The Inflation Reduction Act of 2022 is the latest reason that the business case for real estate decarbonization has never been stronger. The bill was signed into law after months of negotiation and anticipation, dedicating almost $370 billion to address climate change over the next 10 years.
In partnership with the City of Richmond, ULI Virginia has assembled a distinguished panel of leaders providing an overview of the bill’s relevant provisions. We will feature a broad explanation of the IRA and real examples of projects and ways to receive significant savings for upcoming development projects. It will also offer participants the opportunity to meet with other IRA experts and receive resources to support the integration of tax credits into future projects.
About Inflation Reduction Act:
The Inflation Reduction Act (IRA) was passed by Congress in 2022 which provides real estate owners and developers with lucrative tax incentives and offers significant savings for projects of all sizes. This includes the enhancement of the 179D Deduction for Energy-Efficient commercial buildings and the extension and enhancement of the 45L New Energy-Efficient Home Tax Credit, among others.
For larger projects, these incentives can translate to millions of dollars in tax savings for developers, investors, property owners, and investors. Even small projects may often be good candidates for receiving significant savings for upcoming projects.
Real estate developers, the construction industry, and multifamily housing owners, among others, are all eligible for these historic savings.