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Council to consider RSM tax-services plan after briefing on biogas facility and possible federal investment tax credit
Summary
City staff and consultants briefed the Committee of the Whole on a proposed biogas facility and how the federal Investment Tax Credit could return roughly half of a $25 million qualifying project as cash; the council moved the RSM statement of work to the next business meeting for formal approval.
City staff presented consultants’ plans for a proposed biogas (renewable natural gas) facility and asked RSM to undertake a statement of work to determine eligibility for federal tax incentives.
Kevin Borrell, a tax partner with RSM, told the council that changes in the Inflation Reduction Act allow tax-exempt entities such as cities to receive an investment tax credit for qualified renewable‑natural‑gas projects. Using a working assumption of a $25 million qualifying basis, Borrell said the city could be eligible for roughly half of that as a cash…
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