Dissecting the industry-related tax credits in the new inflation reduction act
By Steve Rossi, ASA Government Affairs Director
On Tuesday, President Biden signed his landmark bill, the Inflation Reduction Act of 2022. While it is arguable whether the budget reconciliation bill will reduce inflation, the legislation will directly affect climate, tax and Medicare policy over the next decade.
Much of the attention has been focused on things such as the corporate minimum tax, the hiring of an additional 87,000 IRS agents and the ability for Medicare to negotiate prescription drug prices. At the same time, there are specifics on climate-related tax credits that will be directly tied to the PHCP-PVF industry.