Keeping You Informed – Part Two

This is a Summary of the Inflation Reduction Act

National Association of Women Business Owners

Energy Provisions

The IRA includes heavy investments in energy tax credits, grants, and incentives to expand the use of domestic renewable energy sources and manufacturing.
10 years of consumer tax credits to make homes energy efficient, run-on clean energy, making heat pumps, rooftop solar, electric HVAC and water heaters more affordable.
$4,000 consumer tax credit for lower/middle income individuals to buy used clean vehicles, and up to $7,500 tax credit to buy new clean vehicles.

Energy Production:

Production tax credits to accelerate U.S. manufacturing of solar panels, wind turbines, batteries, and critical minerals processing.
$10 billion investment tax credit to build clean technology manufacturing facilities, like facilities that make electric vehicles, wind turbines and solar panels.
$500 million in the Defense Production Act for heat pumps and critical minerals processing.
$2 billion in grants to retool existing auto manufacturing facilities to manufacture clean vehicles, ensuring that auto manufacturing jobs stay in the communities that depend on them.
Grants to Reduce Air Pollution at Ports, funded at $3 billion, support the purchase and installation of zero-emission equipment and technology at ports.

My goal is that this information will be helpful to your business.

Let me know if you have questions and how I can help you with your bookkeeping.

Amanda Davis

www.businesssolutionsbydesign.com

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