Town to Receive $2.2 Million in Tax Credits for Bowers School Project

Published on August 01, 2024

Manchester CT – The Town of Manchester is pleased to announce a significant financial milestone with the forthcoming receipt of $2.2 million in tax credits for the Bowers School project, saving taxpayers millions. This achievement will create a substantial reduction in the debt issuance needed for the project, thanks to strategic collaboration with auditors to leverage the IRA (Inflation Reduction Act) clean energy tax credits.

"We are proud to have saved our town millions of dollars by strategically applying for IRS clean energy tax credits," said Kimberly Lord, Town of Manchester’s Finance Director. "This initiative not only benefits our community financially but also contributes to a sustainable future for generations to come."

The Bowers School project is the first of several initiatives under the Town's plan to utilize tax credits provided by the Inflation Reduction Act. Following the success of the Bowers submission, the Town is preparing to submit for tax credits for the Keeney School Project, and New Library Project with expectations of similar financial benefits.

"Securing this cost savings through the IRA clean energy tax credits is a testament to our town's commitment to both financial stewardship and sustainability,” said Town Manager Steve Stephanou. “I commend Director Kim Lord, Facilities Project Manager Chris Till, Clifton Larson Allen (CLA), and the entire Town project team for their diligent efforts in achieving this significant milestone.”

The IRA provides a variety of incentives for clean energy. Many of these tax credits and rebates are aimed at individuals and households to transform their energy use and consumption. For the first time, local governments are positioned to take advantage of these credits directly.

View the Town of Manchester Geothermal Heat Pump & Solar Investment Tax Credit Analysis Here

The Town of Manchester launched a new website for potential investors and stakeholders looking to invest in issued bonds by the Town. These bond issuances allow the Town to finance investments in public infrastructure throughout Manchester. 

This website offers a transparent and accessible avenue for the community and potential investors to seek information on the Town's financial reporting.

Visit the Bondlink Website

##