Bracewell senior principal Tim Urban told Oil and Gas Investor that we are in a challenging period for taxpayers with so much uncertainty surrounding the future of the Inflation Reduction Act (IRA).
“We are at a weird intersection of the implementation of IRA, [which] is not complete, and some of the very, very significant tax policy questions and tax legal questions haven’t yet been answered,” Urban said.
Joe Brazauskas, Bracewell senior counsel, added that the entire breadth of IRA provisions will be scrutinized with Republicans in the majority, and while the IRA didn’t have bipartisan support before its passage, the benefits – including jobs – has brought to Republican-led states may have altered some viewpoints.
“There are what we call certain provisions that have a Republican DNA in them, things that in previous Congresses that Republicans have been supportive of,” he said. “Those are the ones that are more focused on traditional fuels or a traditional fuel nexus.”
