President Signs Inflation Reduction Act

On August 7, 2022, the United States House of Representatives approved the Inflation Reduction Act and the President signed this on August 16, 2022. The new law includes several tax provisions, numerous tax incentives for clean energy sources, and increased IRS funding. Among its tax provisions are a 15% minimum tax on large corporations that have over $1 billion in “book” income, a 1% excise tax on corporate stock repurchases, an extension of health care premium tax credits, and tax credits to encourage conservation and cleaner sources of energy. The Internal Revenue Service funding provisions, included in the bill, are expected to project approximately $124 billion in revenue

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Source: Association of International Certified Professional Accountants