{"id":4390,"date":"2023-01-17T06:15:00","date_gmt":"2023-01-17T12:15:00","guid":{"rendered":"https:\/\/cookco.us\/news\/?p=4390"},"modified":"2023-01-16T07:40:33","modified_gmt":"2023-01-16T13:40:33","slug":"inflation-reduction-act-of-2022","status":"publish","type":"post","link":"https:\/\/cookco.us\/news\/inflation-reduction-act-of-2022\/","title":{"rendered":"Inflation Reduction Act of 2022"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">The law increases taxes on the taxpaying public by $738 billion.<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">This new tax law will lead to increased payments on personal taxes for Americans of all incomes (an increase in $16.7\u00a0billion for taxpayers earning less than $200,000 a year, $14.1\u00a0billion for taxpayers earning between $200,000 and $500,000, and $23.5\u00a0billion for taxpayers earning over $500,000).\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The law authorizes $391 billion in spending on energy and climate change.<\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">Clean Vehicle Credits<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.irs.gov\/credits-deductions\/credits-for-new-clean-vehicles-purchased-in-2023-or-after\">Credits for New Clean Vehicles Purchased in 2023 and After<\/a>&nbsp;(added December 29)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/credits-deductions\/credits-for-new-electric-vehicles-purchased-in-2022-or-before\">Credits for New Electric Vehicles Purchased in 2022 and Before<\/a>&nbsp;(added December 29)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/credits-deductions\/used-clean-vehicle-credit\">Credits for Used Clean Vehicles<\/a>&nbsp;(added December 29)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/credits-deductions\/commercial-clean-vehicle-credit\">Commercial Clean Vehicle&nbsp;Credit<\/a>&nbsp;(added December 29)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-8864\">Incentives for Biodiesel, Renewable Diesel and Alternative Fuels<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Related guidance for these credits:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.irs.gov\/credits-deductions\/clean-vehicle-credit-seller-or-dealer-requirements\">Clean Vehicle Credit Seller or Dealer Requirements<\/a>&nbsp;(added December 29)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/credits-deductions\/clean-vehicle-credit-qualified-manufacturer-requirements\">Clean Vehicle Credit Qualified Manufacturer Requirements<\/a>&nbsp;(added December 29)<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><a href=\"https:\/\/www.irs.gov\/credits-and-deductions-under-the-inflation-reduction-act-of-2022\"><\/a>Other Energy-Related Credits and Deductions<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Advanced Energy Project Credit<\/li>\n\n\n\n<li>Clean Electricity Investment Credit<\/li>\n\n\n\n<li>Clean Electricity Production Credit<\/li>\n\n\n\n<li>Clean Fuel Production Credit<\/li>\n\n\n\n<li>Clean Hydrogen<\/li>\n\n\n\n<li>Credit for Carbon Oxide Sequestration<\/li>\n\n\n\n<li>Credit&nbsp;for Electricity Produced from Certain Renewable Resources<\/li>\n\n\n\n<li>Elective Payment for Energy Property and Electricity Produced from Certain Renewable Resources<\/li>\n\n\n\n<li>Energy Credit for Solar and Wind Facilities<\/li>\n\n\n\n<li>Energy Efficient Commercial Building Deduction<\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-5695\">Energy Efficient Home&nbsp;Improvement&nbsp;Credit<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-5695\">Residential Clean Energy Credit<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-6478\">Second Generation Biofuel Incentives<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/newsroom\/treasury-irs-issue-guidance-on-new-sustainable-aviation-fuel-credit\">Sustainable Aviation Fuel Credit<\/a>&nbsp;(added December 19)<\/li>\n\n\n\n<li>Zero-Emission Nuclear Power Production Credit<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><a href=\"https:\/\/www.irs.gov\/credits-and-deductions-under-the-inflation-reduction-act-of-2022\"><\/a>Credits for Individuals<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.irs.gov\/credits-deductions\/credits-for-new-clean-vehicles-purchased-in-2023-or-after\">Credits for New Electric Vehicles Purchased in 2023 and After<\/a>&nbsp;(added December 29)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/credits-deductions\/credits-for-new-electric-vehicles-purchased-in-2022-or-before\">Credits for New Clean Vehicles Purchased in 2022&nbsp;and Before<\/a>&nbsp;(added December 29)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/credits-deductions\/used-clean-vehicle-credit\">Used Clean Vehicle Credit<\/a>&nbsp;(added December 29)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-5695\">Energy Efficient Home Improvement Credit<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-5695\">Residential&nbsp;Clean Energy Credit<\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><a href=\"https:\/\/www.irs.gov\/credits-and-deductions-under-the-inflation-reduction-act-of-2022\"><\/a>Credits and Deductions for Businesses<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Advanced Energy Project Credit<\/li>\n\n\n\n<li>Advanced Manufacturing Investment Credit<\/li>\n\n\n\n<li>Advanced Manufacturing Production Credit<\/li>\n\n\n\n<li>Clean Electricity Investment Credit<\/li>\n\n\n\n<li>Clean Electricity Production Credit<\/li>\n\n\n\n<li>Clean Fuel Production Credit<\/li>\n\n\n\n<li>Clean Hydrogen<\/li>\n\n\n\n<li>Credit for Carbon Oxide&nbsp;Sequestration<\/li>\n\n\n\n<li>Credit for Electricity Produced from Certain Renewable Resources<\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/credits-deductions\/credits-for-new-clean-vehicles-purchased-in-2023-or-after\">Credits for New Clean Vehicles Purchased in 2023 and After<\/a>&nbsp;(added December 29)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/credits-deductions\/credits-for-new-electric-vehicles-purchased-in-2022-or-before\">Credits for New Electric Vehicles Purchased in 2022 and Before<\/a>&nbsp;(added December 29)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/credits-deductions\/commercial-clean-vehicle-credit\">Commercial Clean Vehicle Credit<\/a>&nbsp;(added December 29)<\/li>\n\n\n\n<li>Elective Payment for Energy Property and Electricity Produced from Certain Renewable Resources<\/li>\n\n\n\n<li>Energy Credit for Solar and Wind Facilities<\/li>\n\n\n\n<li>Energy Efficient Commercial Building Deduction<\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-8908\">Energy Efficient Home Credit<\/a>&nbsp;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-8864\">Incentives for Biodiesel, Renewable Diesel and Alternative Fuels<\/a><\/li>\n\n\n\n<li>Research Credit against Payroll Tax for Small Businesses<\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-6478\">Second Generation Biofuel Incentives<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/newsroom\/treasury-irs-issue-guidance-on-new-sustainable-aviation-fuel-credit\">Sustainable Aviation Fuel Credit<\/a>&nbsp;(added December 19)<\/li>\n\n\n\n<li>Zero-Emission Nuclear Power Production Credit&nbsp;<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>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\u00a0billion for taxpayers earning less than $200,000 a year, $14.1\u00a0billion for taxpayers earning between $200,000 and $500,000, and $23.5\u00a0billion for taxpayers earning over $500,000).\u00a0 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4391,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"2023-01-17T12:27:58Z","apple_news_api_id":"f58fba55-84ab-4f98-85e9-e61c1c824e6d","apple_news_api_modified_at":"2023-01-17T12:27:58Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/A9Y-6VYSrT5iF6eYcHIJObQ","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-4390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax"],"apple_news_notices":[],"_links":{"self":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/posts\/4390","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/comments?post=4390"}],"version-history":[{"count":0,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/posts\/4390\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/media\/4391"}],"wp:attachment":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/media?parent=4390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/categories?post=4390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/tags?post=4390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}