The Treasury Department and the Internal Revenue Service released final rules Tuesday for the Clean Electricity Investment and Production Tax Credits in Sections 45Y and 48E of the Tax Code.

The tax credits, also known as the “technology-neutral credits,” aim to reduce energy costs and meet growing demand created by major investments in the U.S. economy. 

To receive the full value of the credits, taxpayers need to meet standards for paying prevailing wages and employing registered apprentices, helping ensure more clean energy jobs are good-paying jobs, and growing career opportunities for workers in the clean energy sector. The technology-neutral Clean Electricity Production and Investment Tax Credits are also eligible for bonus credits related to siting projects in energy communities and meeting certain standards for using domestic content.

According to an analysis from the Department of Energy, the tech-neutral credits, along with other Inflation Reduction Act and Bipartisan Infrastructure Law provisions, are expected to save American families up to $38 billion on electricity bills through 2030.

The final rules issued Tuesday provide more clarity and certainty about which clean electricity zero-emissions technologies qualify for the credits, including wind, solar, hydropower, marine and hydrokinetic, geothermal, nuclear, and certain waste energy recovery property. The Treasury and the IRS expect to soon release the first Annual Table confirming this list of qualifying technologies. The final rules also include guidance to clarify how combustion and gasification technologies can qualify in the future, including on how lifecycle analysis assessments compliant with the statute will be conducted.

“The final rules issued today will help ensure America’s clean energy investment boom continues – driving down utility costs for American families and small businesses, creating good-paying construction jobs, and strengthening energy security by making the U.S. more resistant to price shocks,” said Treasury Secretary Janet L. Yellen in a statement.

However, the new rules face pushback from the incoming Trump administration, with President-elect Trump saying Tuesday, “We’re going to try and have a policy where no windmills are being built.”

Audit and accounting data solutions provider Caseware announced the acquisition of Atlanta-based SaaS provider LeaseJava. This is Caseware’s eighth acquisition since Hg Capital acquired majority ownership in late 2020. 

Cloud-based LeaseJava is designed to help audit firms, corporations and non-profit/government entities to manage their leases and ensure compliance with accounting standards such as ASC 842, IFRS 16 and GASB 87. Specifically, it supports lease modifications without the need to create a new lease, as modifications can easily be added to existing leases. The solution is made to handle complex and nuanced scenarios, computing details down to the daily level and aggregating them to manage intricate situations. Export functionality is configurable, allowing the user to select and group leases accurately. Additionally, LeaseJava offers weighted average computation and a bulk import feature to enhance ease of use.

A spokesperson with Caseware said current customers of LeaseJava will still be able to use the software they’ve been using. Meanwhile, Caseware customers will be able to purchase it in the coming months. Caseware is in the process of evaluating continued application of the LeaseJava branding relative to future product plans.

This acquisition is an example of Caseware’s continued commitment to investing in solutions that will improve the accountant’s experience while providing integrated workflow management and analytics, according to the spokesperson.

“This acquisition underscores Caseware’s commitment to enhancing its connected ecosystem, artificial intelligence strategy and the provision of an even more comprehensive suite of trusted, innovative solutions. Customers can look forward to a seamless experience and the continued evolution of the Caseware family of products, enabling them to effortlessly manage their workflows and do their jobs better than ever before,” said David Osborne, Caseware CEO.

LeaseJava is headed by Michael Cheng, who is also a partner at Frazier and Deeter LLC. Prior to that, he worked directly with the FASB as a senior project manager. He is also a current member of the FASB’s Private Company Council, one year into his three-year term.

“I co-developed LeaseJava to solve the issues I was experiencing with lease computations along with Venkat Avasarala, Partner and CEO of Acuvity Consulting. He played a key role in its development, providing strategic leadership and expertise that were instrumental in shaping the platform’s growth and success,” said Cheng. “The acquisition by Caseware marks a significant milestone for both the solution and the profession. I am confident that the Caseware team, renowned for its innovation and commitment to excellence, will enhance the capabilities of LeaseJava, providing even greater value to users. Caseware’s global footprint and unparalleled ability to deliver expertly crafted technology and domain expertise worldwide, underscores their position as an industry leader.”
 
Caseware’s US customers will be the first to benefit from LeaseJava. The organization also plans to extend the solution’s availability to other markets, including Canada and the UK.  LeaseJava has been available for sale in the US and supports US GAAP, IFRS and GASB lease accounting, with a revised onboarding process for new customers to purchase over the coming months.

Citrin Cooperman announced today it will receive a significant investment from Blackstone, the world’s largest private equity firm, which will acquire a majority stake in the firm from New Mountain Capital.

The deal is the first instance of an accounting firm to transfer private equity ownership from one group to another in the U.S. Terms of the transaction were not disclosed.

“We are excited to have reached an agreement for Blackstone to invest in Citrin Cooperman as we enter our next chapter of growth,” Citrin Cooperman CEO Alan Badey said in a statement Tuesday. “Blackstone will help us make additional investments in expanded service offerings and technology as we deliver on our continued commitment to best-in-class firm culture and providing an exceptional client experience. We thank New Mountain for their years of partnership in helping to build and support our business.”

Allan Koltin, CEO of Koltin Consulting Group, who advised on the deal, commented: “For many in the profession, the biggest question was whether something like this could ever happen, and my belief is there will now be many other transactions like this in the future. Kudos to Citrin Cooperman, New Mountain Capital and Blackstone on making history today.”

New Mountain first acquired a majority interest in New York-based Citrin Cooperman in April 2022, fueling a wave of mergers and acquisitions at the firm. Two years later, New Mountain took a majority stake in Top 10 Firm Grant Thornton — marking the biggest PE deal to date in the accounting field.

“We are proud of our successful partnership with Citrin Cooperman, and we thank the management team, partners and staff of Citrin Cooperman for all we have accomplished together over the last three years,” Andre Moura and Nikhil Devulapalli, managing directors at New Mountain, said in a statement. “We look forward to seeing Citrin Cooperman continue to thrive for the benefit of all its clients and stakeholders.”

“The Citrin Cooperman partners and staff have done an exceptional job making the firm a leader through an unwavering commitment to excellence and client service,” Eli Nagler, a senior managing director at Blackstone, and Kelly Wannop, a managing director at Blackstone, said in a statement. “We are excited to invest in the business to help it continue to provide the highest quality offerings moving forward.”

Deutsche Bank Securities is serving as financial advisor, and Kirkland & Ellis and Gibson, Dunn & Crutcher are serving as legal advisors to Blackstone. Guggenheim Securities is serving as lead financial advisor to New Mountain and Citrin Cooperman. Koltin Consulting Group is serving as an additional financial adviser to both parties. Simpson Thacher & Bartlett, Zukerman Gore Brandeis & Crossman and Hunton Andrews Kurth are serving as legal advisers to New Mountain and Citrin Cooperman.