2022 Inflation Reduction Act
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Inflation Reduction Act
Household Tax Credits in The Inflation Reduction Act 2022
The Inflation Reduction Act of 2022 represents one of the most consequential pieces of economic policy in recent U.S. history. This legislative bill that the Democrats muscled through the Senate was signed into law by President Joe Biden on Aug. 16th. President Biden is the most pro-worker, pro-union President in history, and the Inflation Reduction
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Clean Electric Vehicle Tax Credit
Extending tax credits for electric vehicles made it into the Inflation Reduction Act of 2022. The Clean Electric Vehicle Tax Credit is a federal tax incentive program that was created to encourage the purchase of US manufactured electric vehicles. This program offers up to $7,500 for the purchase of a new EV from companies like Tesla,
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Alternative Fuel Refueling Property Credit
Alternative Fuel Refueling Property Credit expired at the close of 2021, but the Inflation Reduction Act gave it life again by extending its application from 2023 through 2032. Basically, this gives homeowners a tax credit on the cost of the installation of an EV charging station. How most homeowners may use the “qualified alternative fuel vehicle
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Energy Efficient Home Improvement Credit 2022
The original Energy Efficient Home Improvement Credit expired on December 31, 2022. That only gave a very limited $500 lifetime credit for energy efficient home improvements. The NEW Energy Efficient Home Improvement Credits, as part of the 2022 Inflation Reduction Act, increases the tax credit to $1,200 each year until 2032! Also new is that
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Residential Clean Energy Tax Credit
An important tax credit homeowners should have their eyes on is the extant Residential Energy Efficient Property Credit, which also gets an updated name under the Inflation Reduction Act. It’s currently known as the Residential Clean Energy Credit. The credit reduces the cost to install qualifying systems that use solar, wind, geothermal, qualified battery storage
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