Inflation Reduction Act (“IRA”) $387bn

The Inflation Reduction Act (“IRA”) is a 10-year plan which changes a wide range of tax laws and provides funds to improve the adoption of the Energy Transition. One of the highlights is the ten-year extension of the renewable Investment Tax Credit (“ITC”) and modest increase in the credit amount.

Under the proposed bill, the ITC which was expected to expire at the end of 2022 increased from 26% to 30% through 2032.