Giraffe Financial announces the launch of a service that aims to make Inflation Reduction Act (IRA) tax credits accessible to underserved small- and medium-sized businesses and tax-exempt organizations such as local governments, schools, and nonprofits.
The IRA represents over $1 trillion in tax credits to accelerate the adoption of clean energy technologies in the U.S.; however, the complexities are as vast as the opportunities. With transferable tax credits value projected to grow to as much as $100 billion by 2032, according to Giraffe, smaller companies may be challenged to tap into those benefits.
In addition, direct pay issues were finalized in April, enabling non-profits such as schools and churches reap incentives for clean energy investments. Giraff intends to help non-profits navigate the process of accessing these credits.
“We built Giraffe to address the paradox that many of the organizations the IRA is intended to support are the least equipped to take advantage of it; we’re bringing IRA tax credits within reach for a broader audience,” said Giraffe co-founder and CEO Jason Prince. “We’re making tax credits far more accessible for entities that don’t have the wherewithal to become tax experts themselves.”
Giraffe is an AI-powered, end-to-end online tax preparation solution that intends to help users understand their likely eligibility and estimate the value of their tax credit. The program will also help companies and non-profits follow all rules in order to stay in compliance. And it will help potential direct-pay recipients to aggregate, insure and sell credits that they’ve obtained.
Help is available for renewable energy and energy storage investments as well as EV and EV charging purchases.
Giraffe is currently working with a partner in the private sector, Cummins, which supports dealers that are electrifying bus fleets. As each dealer has to navigate grant, rebate and tax incentives for their own business, Giraffe is providing those dealers with guidance and expertise so they can take full advantage of all opportunities.
Other customers include Butte Valley Unified School District, Weed Union Elementary, EVC Holdings, FuSE, Bird Bus, and EV charging solution providers like SWTCH, Skycharger, and XCharge.
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“When we were first introduced to Giraffe, we were excited to hear that they could helpus secure tax credits that would effectively reduce our out-of-pocket costs to $0 as we moved to purchase electric school buses and the associated charging infrastructure,”
“There are many benefits to having electric vehicle charging stations at a business or other property, yet implementation can be costly and complex,” said Dan Coyne, founder and partner, EVC Holdings. “Giraffe is making the important IRS tax credit component significantly easier for its customers.”
Giraffe was spun out of the Momentum X climate finance venture studio, and it is backed by its two parent companies, Momentum and Skyview Ventures. The $1.5 million pre-seed venture capital funding round was led by Skyview Ventures with participation from angel investors representing leading EV OEM, EV charging, AI, carbon, and environmental commodity organizations.
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