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The Inflation Reduction Act of 2022 (IRA) brought new and expanded energy tax credits for taxpayers. It also provided an opportunity for tax-exempt entities, state and local governments and tribes (collectively “non-taxpayers”) to receive subsidies in lieu of the clean energy tax credits.

In the sustainability sector, some accounting professionals believe that business-sponsored organizations should establish new disclosure expectations.

The Financial Accounting Standards Board (FASB) recently issued a proposal that would require public business entities to provide detailed disclosure in the notes to financial statements about specific expense categories on an annual and interim basis.