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, accounting, tax and consulting services in connection with projects that qualify for federal tax incentives; namely renewable energy investment tax credits, production tax credits, historic rehabilitation tax credits and low-income housing tax credits . Mr. Tracy serves as the practice leader of the company’s renewable energy team; a team that serves a wide array of clients that develop, finance, own and operate renewable energy facilities that produce electricity using solar, wind, geothermal, biomass, hydroelectricity and energy-efficiency technologies. The renewable energy team serves developer/sponsors of projects, institutional and private equity tax equity and cash equity investors, independent power producers, utilities and system integrators/installers. Mr. Tracy has significant experience assisting clients with all aspects of financing renewable energy transactions. Transaction advisory services include developing an appropriate tax equity financing structure (e.g. partnership flips, inverted leases and sale leasebacks), preparation of financial models, M&A due diligence, and GAAP/HLBV advisory. Mr. Tracy has written numerous articles on renewable energy, affordable housing and other real estate related topics and is a frequent speaker at industry events. Before joining Novogradac, Mr. Tracy worked for Arthur Andersen & Company SC in San Francisco serving clients in the real estate, investment banking and equipment leasing industries. He received his bachelor’s degree in business administration with an emphasis in finance and real estate from San Francisco State University. He is licensed in California as a certified public accountant.