Inflation Reduction Act Summary
Inflation Reduction Act of 2022 summarizes the tax legislation embodied in the IRA permitting students to advise clients on how these changes can impact tax planning. This course is an overview providing reference to selected individual, business, and corporate tax provisions enacted, extended, or modified by the IRA. The resulting major tax changes carry special meaning to the tax practitioner and return preparer.
The course is intended to be a resource for tax professionals and staff alike to gain easy access to the most important major changes enacted by the IRA.
Major Topics:
* Electric vehicle credit modifications and changes
* Home & residential tax credits, deductions & exclusions
* Renewable energy credits & incentives
* Research credit against payroll tax
* Limitation on excess business loss
* Repurchase of corporate stock
* Corporate alternative minimum tax
* Selected non-tax provisions
Course Information
Price: $24
This course is included in our Mega CPE Special and our Unlimited Tax Bundle
Course No. M310
Format: Online pdf (51 pages). Printed book available.
Instructional Delivery Method: QAS Self-Study
Prerequisites: None
Advance Preparation:None
Level: Overview
CPE Credit: 2 hrs.
Field of Study: Taxes
Course expiration: You have one year from date of purchase to complete the course.
Course Revision Date: February 2024
Objectives
- Apply changes imposed by the Inflation Reduction Act (IRA) relating to credits allowed for the individual acquisition of qualified electric vehicles and energy-efficient home improvements and property.
- Recognize a wide spectrum of renewable energy credits and the application of the prevailing wage and apprenticeship requirements.
- Specify key IRA business and Medicare provisions, including energy-efficient buildings, corporate AMT, loss limits, and drug reforms.
Course Contents
Electric Vehicle (EV) Credit Modified – §30D
Inflation Reduction Act – Modified §30D for Clean Vehicles
Critical Minerals Requirement – §30D(b)(2) & §30D(e)(1)(A)
Battery Components Requirement – §30D(b)(3) & §30D(e)(2)(A)
Final Assembly Requirement – §30D(d)
Transition Rule for Vehicles Purchased before August 16, 2022
Vehicles Acquired after August 16, 2022 & before December 31, 2022
Written Binding Contract
Credit for Used Clean Vehicles – §25E
Energy Efficient Home Improvement Credit – §25C
Efficiency Improvements
Efficient Property
Maximum Credit
Inflation Reduction Act
Modifications
Credit Eligible Costs
Residential Clean Energy Credit – Modified §25D
Inflation Reduction Act
Biomass Fuel
Energy Efficient Home Credit – Modified §45L
Credit Value
Inflation Reduction Act
Homes
Multifamily Dwellings
Renewable Energy Credits
Prevailing Wage & Apprenticeship Requirements
Prevailing Wage – Act §13101(f)(7)
Apprenticeship – Act §13101(f)(8)
Additional Increases to “Base” & “Bonus” Credits – Act §13103
Domestic Content
Energy Communities
Low Income Communities
Energy Tax Credits As Payments – §6417
Alternative Fuel Refueling Property Credit – §30C
Qualified Refueling Property
Expiration
Inflation Reduction Act
Credit Value
Low Income or Rural Areas
Prevailing Wage & Apprenticeship Requirements
Extension of Credits for Alternative Fuels – §40A et al
Inflation Reduction Act
Sustainable Aviation Fuel (SAF) Credit – §40B
Sustainable Aviation Fuel
Qualified Mixture
Credit Value
Production Tax Credit (PTC) – §45
Expiration
Inflation Reduction Act
Credit Value
Prevailing Wage & Apprenticeship Requirements
Domestic Content
Energy Community
Carbon Capture & Sequestration Credit Enhancements – §45Q
Inflation Reduction Act
Qualifying Threshold
Credit Value
Zero-Emission Nuclear Power Production Tax Credit – §45U
Qualifying Facilities
Credit Value
Clean Hydrogen Production Tax Credit – §45V
Credit Value
Applicable Percentage
Prevailing Wage & Apprenticeship Requirements
Qualified Commercial Clean Vehicles – New §45W
Credit Value
Eligible Vehicles
Advanced Manufacturing Production Tax Credit – §45X
Credit Value
Phase Out
Clean Electricity Production Credit – New §45Y
Credit Value
Prevailing Wage & Apprenticeship Requirements
Domestic Content
Phase out
Clean Fuel Production Credit – §45Z
Credit Value
Investment Tax Credit (ITC) – §48
Credit Value
Prevailing Wage & Apprenticeship Requirements
Domestic Content Requirement
Solar & Wind Facilities
Advanced Energy Project Credit – §48C
Inflation Reduction Act
Eligible Projects
Credit Value
Prevailing Wage & Apprenticeship Requirements
Clean Electricity Investment Credit – §48E
Credit Value
Phase Out
Energy Community
Domestic Content
Coordination With Other Code Sections
Energy Efficient Commercial Building Deduction – Modified §179D
Inflation Reduction Act
Deduction Value
Prevailing Wage & Apprenticeship Requirements
Retrofit Plan
Research Credit Against Payroll Tax – §41
Qualified Expenses
Base Credit Amount
Alternative Simplified Credit
Credit Toward Payroll Tax
Qualified Small Business
Inflation Reduction Act
Credit Value
Limitation On Excess Business Losses – §461(l)
Disallowance Of Excess Business Losses
Excess Business Loss
Inflation Reduction Act
Repurchase of Corporate Stock – §4501
Application Exceptions
Corporate Alternative Minimum Tax – Modified §55
Inflation Reduction Act – §55(b)(2)
Adjusted Financial Statement Income
Application of Tax
Foreign Parented Multinational Groups – §59(k)(2)(A)
Black Lung Disability Trust Tax Rate – §4121
Hazardous Substance Superfund – §4611
Enhancement of IRS Resources
Inflation Reduction Act – Act §10301
Other Provisions
Government Drug Price Negotiations
Inflation Reduction Act
Phased Schedule
Exemptions
Penalty
Drug Price Inflation Rebates
2021 Base Year
Medicare Part D Reforms
Trump-era Rebate Rule Delay
Affordable Care Act (ACA) Subsidy Extension
