Inflation Reduction Act of 2022: Tax Provisions

Summary

This First Analysis article discusses the tax provisions of the Inflation Reduction Act of 2022, Pub. L. No. 117-169 ("IRA" or the "Act"), signed into law by President Biden on August 16, 2022. The IRA primarily funds energy security and climate change activities. The Act also subsidizes healthcare premiums due under the Affordable Care Act (ACA). Because the IRA should generate more revenue than it spends, the IRA should reduce the budget deficit.