The law increases taxes on the taxpaying public by $738 billion.
This new tax law will lead to increased payments on personal taxes for Americans of all incomes (an increase in $16.7 billion for taxpayers earning less than $200,000 a year, $14.1 billion for taxpayers earning between $200,000 and $500,000, and $23.5 billion for taxpayers earning over $500,000).
The law authorizes $391 billion in spending on energy and climate change.
Clean Vehicle Credits
- Credits for New Clean Vehicles Purchased in 2023 and After (added December 29)
- Credits for New Electric Vehicles Purchased in 2022 and Before (added December 29)
- Credits for Used Clean Vehicles (added December 29)
- Commercial Clean Vehicle Credit (added December 29)
- Incentives for Biodiesel, Renewable Diesel and Alternative Fuels
Related guidance for these credits:
- Clean Vehicle Credit Seller or Dealer Requirements (added December 29)
- Clean Vehicle Credit Qualified Manufacturer Requirements (added December 29)
Other Energy-Related Credits and Deductions
- Advanced Energy Project Credit
- Clean Electricity Investment Credit
- Clean Electricity Production Credit
- Clean Fuel Production Credit
- Clean Hydrogen
- Credit for Carbon Oxide Sequestration
- Credit for Electricity Produced from Certain Renewable Resources
- Elective Payment for Energy Property and Electricity Produced from Certain Renewable Resources
- Energy Credit for Solar and Wind Facilities
- Energy Efficient Commercial Building Deduction
- Energy Efficient Home Improvement Credit
- Residential Clean Energy Credit
- Second Generation Biofuel Incentives
- Sustainable Aviation Fuel Credit (added December 19)
- Zero-Emission Nuclear Power Production Credit
Credits for Individuals
From purchasing clean vehicles to making your home more energy efficient, the Inflation Reduction Act of 2022 may have a significant effect on your taxes.
- Credits for New Electric Vehicles Purchased in 2023 and After (added December 29)
- Credits for New Clean Vehicles Purchased in 2022 and Before (added December 29)
- Used Clean Vehicle Credit (added December 29)
- Energy Efficient Home Improvement Credit
- Residential Clean Energy Credit
Credits and Deductions for Businesses
- Advanced Energy Project Credit
- Advanced Manufacturing Investment Credit
- Advanced Manufacturing Production Credit
- Clean Electricity Investment Credit
- Clean Electricity Production Credit
- Clean Fuel Production Credit
- Clean Hydrogen
- Credit for Carbon Oxide Sequestration
- Credit for Electricity Produced from Certain Renewable Resources
- Credits for New Clean Vehicles Purchased in 2023 and After (added December 29)
- Credits for New Electric Vehicles Purchased in 2022 and Before (added December 29)
- Commercial Clean Vehicle Credit (added December 29)
- Elective Payment for Energy Property and Electricity Produced from Certain Renewable Resources
- Energy Credit for Solar and Wind Facilities
- Energy Efficient Commercial Building Deduction
- Energy Efficient Home Credit
- Incentives for Biodiesel, Renewable Diesel and Alternative Fuels
- Research Credit against Payroll Tax for Small Businesses
- Second Generation Biofuel Incentives
- Sustainable Aviation Fuel Credit (added December 19)
- Zero-Emission Nuclear Power Production Credit