The Inflation Reduction Act of 2022
The Inflation Reduction Act (P.L. 117-169) of 2022 is a landmark United States federal law enacted by the 117th US Congress effective August 16, 2022. It aims to:
- Curb inflation by reducing the deficit to fight inflation
- Lower prescription drug prices and extend the expanded Affordable Care Act program to 2025
- Invest in domestic energy production and manufacturing while promoting clean energy
Most of the outlays in the Act are devoted to incentives for green energy with a large share being in the form of tax credits for green energy. In some cases, the credits are extensions and expansions of current credits like:
- Residential energy property
- Energy-efficient homes & commercial buildings
- Alternative fuel refueling property
- Renewable electricity
- Energy Investment
- Carbon dioxide sequestration
- Incentives for alternative energy
- The extension (up to 2032), […]