Navigating Audit Saves Power Plant Owner Millions of Dollars
The owners of a recently constructed $700 million, 600 MW natural-gas fired plant faced a state audit that could threaten Brownfield and Empire Zone tax credits that were vital to the plant’s viability and key factors in the original decision to build the plant.
The audit centered, in large part, on whether certain multi-million dollar expenses were eligible for the Brownfield Redevelopment Tax Credit. We assisted the developer in documenting and explaining these expenses to the auditor, ultimately achieving agreement that the expenses were properly included.
With our guidance, the developer successfully preserved its incentives and tax credits, saving the owner some $80 million.
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