On August 16, 2022, the Inflation Reduction Act (IRA), legislation designed in large part to lower consumer energy costs and provide economic incentives to reduce the human impact on climate change, became law. Among other provisions, the new law provides multiple tax incentives for taxpayers to:

•   Make energy-efficient home improvements;

•   Purchase electric vehicles; and

•   Afford health insurance coverage

This course addresses the provisions of the Inflation Reduction Act most likely to be of interest to tax preparers. In so doing, it examines the tax credits available for energy-efficient home improvements, for the purchase of new and used electric vehicles, electric car charging and natural gas-powered car fueling devices, and clean energy generation. In addition, it discusses the expanded health insurance premium tax credits and the extension of the limitation of noncorporate taxpayer excess business losses. 

Learning Objective:

• List the clean energy and efficiency incentives


• Identify rules and limitations applicable to the qualified refueling property credit