Crawford/Education Images/Universal Images Group via Getty Images)Are you hearing about the billions of dollars available from the Inflation Reduction Act and wondering how you can benefit from it? Or, are you frustrated with a high utility bill? Do you need a new vehicle or two – or to upgrade your manufacturing plant or HVAC system? Are you concerned your community might be severely damaged by a hurricane, tornado, or other extreme weather event? Are your investors or employees asking you to...
“Almost everybody is eligible for some type of tax credit within the law,” the Inflation Reduction Act “We like to break down by industries and audiences,” McLeery explained. “On the industry side, we have energy efficiency, energy generation, manufacturing, vehicles, fuels, and carbon capture. Now, overlaying all of those are a handful of crosscutting bonuses and requirements that can greatly affect – in many cases increase – the amount of the underlying tax credit within those industry-driven tax credits.
For these, businesses might check out 48C, Qualifying Advanced Energy Project Credit, among the Investment Tax Credits . The ITCs may be familiar to business taxpayers because they are popular, but the IRA expanded them, she said. The Advanced Manufacturing Production Credit is another one she mentioned.: Tax-exempt entities and those traditionally not able to access tax credits can use the IRA credits via what’s called “Elective Pay.” But, Elective Pay is not only for tax-exempt entities.