Inflation Reduction Act of 2022
On August 16th, President Joe Biden signed the Inflation Reduction Act of 2022 (the “Act”) into law. The Act provides investment in clean energy, promotes reduction in carbon emissions, and updates or extends popular credits. This important piece of legislation would, among other things: (1) establish a 15% corporate alternative minimum tax; (2) create a 1% excise tax on corporate stock repurchases; (3) extend the limitation on net business losses (4) provide for increased funding of Internal Revenue Service; (5) extend and revise existing electric vehicle tax credits; and (6) update and revise other Green Energy Credits.
Click here to learn more about the Act.