On Tuesday, August 16, President Biden signed the Inflation Reduction Act of 2022 (the Act) into law, which includes material changes to various sections of the Internal Revenue Code of 1986, as amended (the Code). The following is a general overview of the revenue raisers and certain of the energy and climate provisions of the Act.
Corporate Alternative Minimum Tax
One Percent Excise Tax on Stock Buybacks
Extension and Modification of the Investment Tax Credit
Creation of Technology-Neutral Investment Credit
Extension and Modification of the Production Tax Credit
Creation of Technology-Neutral Production Credit
Extension and Modification of the Credit for Carbon Capture and Sequestration
Creation of Production Tax Credit for Hydrogen
Expansion of the Advanced Energy Project Credit
Creation of the Advanced Manufacturing Project Credit
Description of the Labor Requirements
Description of Credit Enhancements
Limitation on Tax-Exempt Financing
Credit Monetization
