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Socorro ISD approves contract to pursue federal tax credits for 25 electric buses
Summary
Trustees authorized staff to contract with a professional tax credit firm to handle registration and compliance for federal credits tied to 25 electric buses and charging stations; staff estimate more than $1 million in potential federal funding and the firm’s fee will be contingent on recovered credits.
The Socorro Independent School District Board of Trustees on Sept. 30 approved hiring a professional tax‑credit service to manage registration and compliance related to 25 electric buses and their charging stations purchased through a federal clean‑energy program.
David Solis, the district’s chief financial officer, and Gabby Garcia, director of Processing, told the board the buses qualify for roughly $900,000 in direct IRS payments with additional credits possible for charging stations; combined, staff estimated more than $1,000,000 in potential funding. Because the district’s procurement team received a single respondent to RFQ E2620, the board authorized contracting with that firm to capture available federal funds.
Solis explained the vendor’s fee is contingent on recovery: “If they provide services, they evaluate…if there’s no opportunity, then our cost is $0,” he said. If the vendor identifies recoverable credits, the district’s payment to the vendor will be a portion of the recovered amount.
Motion and vote: The board approved the contract authorization by voice vote. Trustees asked staff to proceed with the agreement that ties the firm’s compensation to any funds recovered and to return any required contract documents to the board.
Ending: Staff will contract with the tax‑credit service, complete registration and compliance tasks for federal funds, and return required documentation to the board as recoveries are identified.
