Sweeping Climate, Health Care & Tax Legislation Holland & Knight Alert
President Biden signed into law the sweeping climate, health care and tax legislation, called the "Inflation Reduction Act." The legislation passed the House in a party-line vote Friday, August 12, about a week after passing the Senate with only Democratic votes through a process known as budget reconciliation. Vice President Harris cast the tiebreaking vote.
The legislation contains provisions to lower prescription drug costs, offer clean energy tax credits to Americans and companies, and establish a 15 percent corporate minimum tax and a 1 percent excise tax on stock buybacks.
Holland & Knight law firm provided for AFS members the following in-depth summary of the IRA, including:
Tax Revenue-Raisers
- Corporate Alternative Minimum Tax
- Excise Tax on Stock Buy Backs
- Changes to Net Operating Loss Limitations for Individuals
- Internal Revenue Service Enforcement Funding
Healthcare
- Prescription Drug Pricing Reform
- Caps on Insulin Costs for Medicare Part D
- Affordable Care Act Subsidy Extension
Energy and Climate Tax Incentives
- Energy Generation
- Energy Manufacturing
- Carbon Sequestration
- Clean Fuels
- Clean Vehicles
- Energy Efficiency
- Superfund
Climate, Energy and Environment Investments
- U.S. Department of Agriculture
- U.S. Environmental Protection Agency
- U.S. Department of Energy
- U.S. Department of Interior
- U.S. Department of Transportation
- General Services Administration
- U.S. Department of Commerce
- U.S. Postal Service
- U.S. Department of Housing and Urban Development
- U.S. Department of Homeland Security
- U.S. Department of Defense
- Federal Permitting Improvement Steering Council
- Federal Energy Regulatory Commission
- White House Council on Environmental Quality
- Government Accountability Office
- Office of Management and Budget
Click here to download the complete summary.
If your company needs additional information on any portions of the IRA, please contact Stephanie Salmon at the AFS Washington office, ssalmon@afsinc.org.