The Inflation Reduction Act Was Signed into Law by President Biden on Aug. 16
August 23, 2022
The Inflation Reduction Act was signed into law by President Biden on Aug. 16. The bill comes with a price tag of $740 billion and imposes a new 15% minimum tax on large, profitable corporations. It also adds a 1% excise tax on stock buybacks. Other revenue would come from more enforcement of tax compliance by the IRS. Tax agency officials say the goal is to reduce the “tax gap” by strengthening the ability to capture revenue from taxes that might otherwise not be collected. There are also provisions related to health care and climate change and tax breaks for businesses and individuals. Stay tuned for more details on the many provisions and future IRS guidance to help implement the law.
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