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Last week Congress passed and President Biden is expected to sign the Inflation Reduction Act of 2022 (H.R. 5376), a comprehensive legislative package intended to invest $437 billion on healthcare, energy production, and climate change mitigation. The legislation also includes a number of provisions, including significant tax changes, that will raise $740 billion in revenue to offset the major investments and pay down part of the federal deficit.
Here are a few of the highlights:
Tax Provisions and Revenue Raisers
Drug pricing provisions related to price negotiations, inflationary rebates, and Medicare reforms including caps on certain drug costs. The Affordable Care Act tax credit is also extended by three years.
Direct investment to a variety of programs intended to support energy infrastructure, reduce emissions, and other efforts to mitigate impacts of climate change. The package includes a number of credits and other incentives for manufacturers and consumers that adopt new low carbon energy technologies; including adoption of solar, electric vehicle, and more efficient appliances and credits for investment and research in new low carbon energy development.
Please note that legislative proposals are complex and wide ranging. Before making any determinations for yourself or your client, be sure to review the provisions in detail and consult with experts as appropriate.