March 5, 2023
“Last week, New Mexico’s Albuquerque-based chapter of NAIOP — the commercial real estate development association — put the Inflation
Reduction Act on the radar of its membership.
A panel of experts, moderated by Dale Dekker, sketched out in conjectural tones some of the opportunities the sprawling piece of legislation is slated to deliver to New Mexico developers.
The Internal Revenue Service has yet to issue a final set of rules that tax accounts and business advisers will use to guide developers through the intricacies of the legislation, but the bottom line is that the federal government has queued up some serious incentives to build with energy efficiency in mind.
In his opening remarks at the Uptown Sheraton, Dekker characterized the Inflation Reduction Act as “a big deal” because of the money at stake — an estimated $2.3 billion available in incentives and grants for New Mexico projects.
The IRA includes $369 billion to tackle climate change with investments in green energy projects. Divide that by the U.S. population and that’s roughly $1,120 per capita. For New Mexico that comes out to $2.332 billion. But for every dollar the federal government makes available, the public and private sector is expected to spend $2-$3, making this “a $10 billion deal for New Mexico,” Dekker said.
READ MORE HERE: https://www.abqjournal.com/2578618/ira-provides-big-opportunties-for-developers.html
