By Jim Stevenson for AssuredPartners
On August 16, 2022, President Joe Biden signed the Inflation Reduction Act of 2022. The Act contains more than $430 billion, which is anticipated to reduce the federal deficit over $300 billion in the next decade.
The Inflation Reduction Act includes a variety of new implementations:
- $369 billion towards climate and energy policies
- Authorizes three years of Affordable Care Act subsidies
- Prescription drug reformation to lower prices
- Fifteen percent (15%) corporate minimum tax for companies that earn more than $1 billion per year
- Invests $80 billion in the Internal Revenue Service (IRS) to fund tax enforcement for the next ten years.
The Inflation Reduction Act supports the Infrastructure and Investment Jobs Act (IIJA) by significantly curbing United States greenhouse gas emissions through focusing on clean energy innovation. The IIJA was passed earlier this year investing significant dollars into infrastructure, clean energy, and green technologies, among many other industries. The combined Acts provide new contractor opportunities that create multiple considerations that contractors will face in the future, such as, incentives connected with clean energy vehicles and energy storage.
There are techniques which can be applied to give federal government contractors the competitive advantage and our AssuredPartners Government Contractor Solutions team is there to help you craft a solution. Contact the team today to discuss solutions.
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