Stephen B. Tracy, CPA


Stephen Tracy is a tax partner in the San Francisco office of Novogradac & Company LLP. 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 and state tax credits such as the low-income housing tax credit (LIHTC), energy investment tax credit (ITC), production tax credit (PTC), historic rehabilitation tax credit (HTC) and new markets tax credit (NMTC). As practice leader of the firm’s renewable energy practice, Mr. Tracy serves a wide array of clients that develop, finance, own and operate renewable energy facilities that produce electricity utilizing solar, wind, geothermal, biomass, hydroelectricity and energy-efficiency technologies. The energy practice serves institutional investors, developers, independent power producers, utilities, system integrators/installers and manufacturers. Mr. Tracy has significant experience assisting institutional investors and developers with all aspects of financing renewable energy and real estate projects. Specific services include financial structuring, tax and generally accepted accounting principles (GAAP) advisory and preparation of financial models that optimize all sources of project-level capital, including tax equity financing, conventional and municipal debt (taxable and tax-exempt), sponsor equity and state and local incentives. Mr. Tracy is a co-author of the Novogradac Renewable Energy Tax Credit Handbook, has written numerous articles on renewable energy, affordable housing and other real estate related topics and is a frequent speaker at industry events. He also serves as chairman of Novogradac & Company’s two annual renewable energy conferences. Before joining Novogradac & Company LLP, Mr. Tracy worked for Arthur Andersen & Company, focusing primarily 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.