Monday, January 16, 2023
Feature: Tax Aspects of the Inflation Reduction Act of 2022
Mark R. Pathemer recently published an article, Tax Aspects of the Inflation Reduction Act of 2022, ABA Probate & Property Jan/Feb 2023. Provided below is an introduction to the article:
On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the Act), which focuses on climate investments, clean energy, and deficit reduction. The new legislation is a scaled-down version, albeit renamed, of the administration’s prior efforts, the Build Back Better Act.
Unlike the original Build Back Better Act, which contained numerous tax changes aimed at families of wealth and individuals earning over $400,000 per year, there are only four major tax-related revenue-raisers in the Act. Another key revenue raiser, drug pricing reform, is not a tax provision and therefore not addressed in this article. Before exploring the tax provisions, however, it is important to understand the budget reconciliation process, which was used to pass the Act.
https://lawprofessors.typepad.com/trusts_estates_prof/2023/01/feature-tax-aspects-of-the-inflation-reduction-act-of-2022.html
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