The Inflation Reduction Act was signed into law on August 16, 2022. The Inflation Reduction Act affects U.S. tax law by: (1) creating two new excise taxes (a 1% excise tax on stock repurchases and an alternative minimum tax on corporations that based on 15% of their book income) (2) Extending the Section 461 excess business loss limitation for noncorporate taxpayers through 2028 (3) Extending two provisions of the premium tax credit for 3 years to help people buy insurance under the Affordable Care Act (4) Expanding and modifying multiple tax credits related to energy production and efficiency The Inflation Reduction Act also provides more than $80 billion in funding for the IRS, with more than half of the funds going toward enforcement. — Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business …
