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Board approves accounting help to pursue IRA tax credits for geothermal project
Summary
The Anderson County School Board voted March 10 to hire accounting support (option 2) to pursue Inflation Reduction Act tax credits for the Anderson County Middle School geothermal project, after questioning risks and fee options.
The Anderson County School Board voted March 10 to hire accounting services to assist with filing Inflation Reduction Act (IRA) tax-credit applications for the Anderson County Middle School geothermal project.
Administrators presented two fee options for the service and recommended moving forward to pursue the tax credits. Superintendent (speaker 3) said the credits are available to districts pursuing geothermal and solar projects and “at this time, there appears to be no reason why we wouldn't receive the money,” while acknowledging “there is no guarantee.” An accounting representative (speaker 5) read a response from the accounting firm saying the credits are created by tax law and would require congressional action to be changed: “these tax credits are tax law…there are currently no plans for that,” the presenter said.
Board members asked about cost and risk. Administration described a lower-cost option and a higher-cost option; during discussion different figures were referenced (administration referred to options in the tens of thousands and one line in the transcript lists figures that appear inconsistent). After discussion the board approved “option 2” to secure the services, with a roll-call vote recorded in favor.
Why it matters: Pursuing IRA tax credits could reduce net costs for the district’s geothermal installation, lowering long-term energy and operating expenses if credits are awarded. The board’s vote authorizes procurement of accounting support to prepare and file the tax-credit applications; it does not guarantee funding will be awarded.
What’s next: The administration said the district will work with the chosen firm and an engineering partner (CMTA/Scott Johnson was referenced) to prepare the filings. The board’s approval covers procurement of the selected option; any award of tax credits would be separate and dependent on federal rules and final review.
Exact fee figures and contract terms were discussed on the record but are inconsistent in the transcript of the meeting; the administration indicated the expense was planned in the project budget. The administration said the decision was made to avoid missing an opportunity to claim available tax credits.
