By a vote of 51 to 50, the U.S. Senate on Sunday, Aug. 7, passed a budget reconciliation bill that is now known as the Inflation Reduction Act of 2022.
The bill contains numerous tax provisions, including a 15% corporate minimum tax, expanded eligibility for premium tax credits and numerous clean energy credits.
The bill omits some items in a long list of new and extended and/or modified existing energy-related tax credits and other climate-change-combating provisions. But enough of them remain to represent what is called America's biggest investment in climate and energy to date, worth an estimated $370 billion.
The AICPA continues to express concerns about the bill’s tax provisions and new complexities to tax law. See the AICPA’s Aug. 4 letter to the U.S. Senate.