Inflation Reduction Act of 2022 – Signed into law: A summary of the energy tax provisions
The Inflation Reduction Act of 2022 (the Act) was signed into law on August 16, 2022, and includes about $370 billon for American energy security and climate change. Those changes include very substantial extensions, expansions and modifications of the tax credits for renewable and alternative energy development.
In one of the best-kept secrets in Washington, Senators Manchin and Schumer surprisingly introduced the Act on July 27, 2022. The Senate and House passed the Act on August 7 and August 12, respectively. Although many of the provisions of the Act are similar to provisions of the Build Back Better Act that previously had been introduced, there are significant differences. Changes also were made to the Act following its July 27 introduction.
This alert summarizes the changes made to the Act since its July 27 introduction and updates our prior summary of the Act.
