Stephen B. Tracy, CPA


Stephen Tracy is a partner in the San Francisco office of Novogradac. He serves clients extensively in the renewable energy and real estate industries, where he specializes in providing transaction advisory, project finance, consulting, tax and accounting services in connection with projects that qualify for the energy investment tax credit (ITC), the production tax credit (PTC) and other energy incentives as provided for in the Inflation Reduction Act. In the context of the real estate/affordable housing industry, Tracy specializes in transactions involving the low-income housing tax credit (LIHTC), historic rehabilitation tax credit (HTC) and other state housing incentives. Tracy has extensive experience assisting clients with structuring and modeling complex financing arrangements in connection with renewable energy and real estate transactions. The Novogradac project finance, tax and audit teams serve a wide array of clients including developers, project sponsors, cash and tax equity investors, lenders in addition to private equity and family office investors. Transaction advisory services include assisting clients in developing appropriate tax equity financing structures for a project (e.g. partnership flip, lease pass-through, sale leaseback, direct sale etc.), preparation of tax equity financial projections, mergers and acquisitions due diligence and generally accepted accounting principles/hypothetical liquidation at book value advisory. Before joining Novogradac, Tracy worked for Arthur Andersen & Co. in San Francisco, serving clients in the real estate, investment banking and equipment leasing industries.