Novogradac has resources available for private companies and nonprofits affected by Accounting Standards Codification (ASC) 842, which changed lease accounting standards. The change–which took effect Jan. 1 for fiscal years beginning after Dec. 15, 2021–affects the way certain contracts are accounted for under generally accepted accounting principles, particularly entities that are lessees. Rather than disclosing operating leases in notes to financial statements, but not on balance sheets, the new guidance requires lessees to record a right-of-use asset for the leased asset and a corresponding lease liability equal to the financial obligation over the lease term, as well as new disclosure requirements.

In a party-line vote, the U.S. Senate advanced sweeping $700 billion-plus legislation Sunday that includes $369 billion in clean and renewable energy provisions, including extensions of the production tax credit (PTC) and investment tax credit (ITC) for facilities that start construction after Jan. 1, 2022, and before Jan. 1, 2025. Under the reconciliation bill, the PTC is extended at $26 per megawatt-hour, adjusted by inflation annually, while the ITC is extended at 30% for projects that adhere to labor requirements on prevailing wages and apprenticeship programs. The legislation includes many other green energy provisions, including the expansion of the 30% ITC for stand-alone energy storage and interconnection property. The bill now goes to the House of Representatives, which will take up debate Friday.