One of the landmark pieces of legislation of the Investing in America Agenda is the Inflation Reduction Act. President Biden signed this bill into law in the summer of 2022 as part of an effort to help small businesses and working Americans by investing in deficit reduction to fight inflation, increasing manufacturing, lowering drug prices, and leveling the playing field when it comes to paying taxes. The outgoing Administration has made resources available to help individuals navigate the law’s provisions.
For example, the Inflation Reduction Act made an investment in clean energy with efforts including a tax credit of up to $2,000 for equipping your home with an electric heat pump for heating and cooling and another for 30% of the cost of installing rooftop solar, geothermal, or battery storage. In addition, families who make other energy efficiency improvements to their homes can receive tax credits worth up to $500 for doors, $600 for windows, $150 for a home energy audit, and up to 30% off the cost of new insulation.
In addition, the law provides up to $4,000 in consumer tax credits for lower- and middle-income individuals to buy used electric vehicles. As a result, the U.S. Department of Energy estimates that the clean energy provisions in both the Inflation Reduction Act and the Bipartisan Infrastructure Law will cut electricity rates by as much as 9% by 2030.
These provisions and many others are covered in the one-stop shop that the U.S. Department of Treasury has prepared. This webpage includes slide decks, one-pagers, fact sheets, and all other materials on the law developed by the department.
That being said, department and agency websites change with each Administration so it is uncertain how long they will be available after former President Trump is sworn into office. If you are interested in utilizing these materials, it is probably best to do so by January 20.
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