Changes to the Electric Vehicle Credit
The Inflation Reduction Act passed by Congress on August 16, 2022, included several energy efficiency tax credits and rebates. The Act amended the Qualified Plug-in [...]
How Is Recent Legislation Impacting Construction and Real Estate? A 2023 Outlook
Three large pieces of legislation have been passed in the last 15 months with a collective goal of revitalizing and revamping domestic infrastructure, advanced manufacturing, and clean energy. There are many various impacts to the construction and real estate industry.
45L Residential Energy Efficiency Credit: Updates for 2023
The Inflation Reduction Act retroactively reinstated 45L for 2022 and extended the credit through 2032. For the 2022 tax year, projects follow the same eligibility rules. Beginning in January 2023, more stringent energy efficiency requirements will be in place.
§179D Energy-Efficient Commercial Building Deduction Expanded to Benefit Non-Profit Organizations
For businesses contemplating a commercial project, the §179D deduction, a provision from the Inflation Reduction Act, is now available for any qualifying commercial energy-efficient building.
Inflation Reduction Act and Its Impact on ACA Healthcare Premium Tax Credits
Millions of Americans will avoid paying more for healthcare next year, thanks to the Inflation Reduction Act. Employers need to be aware of potentially higher penalties related to the family glitch, and individuals can take steps to project income and avoid paying back excess tax credits.
IRS Issues Guidance on Transition Rules for EV Credits
IRS guidance helps taxpayers navigate the transition from existing rules for claiming EV credits to new rules enacted by the IRA including ways to verify an EV vehicle will qualify going forward.
The Inflation Reduction Act Makes Few Alterations to the Tax Strategies of PBMares’ Clients
Today, The Inflation Reduction Act of 2022 was enacted. Through its sweeping law changes on health care, climate, and taxes, the Act presents a few new opportunities for beneficial tax strategies. In general, the Act results in few tax increases to PBMares clients.
Tax Increases Resurface with Manchin’s Support of New Reconciliation Framework
Tax proposals in a revived reconciliation measure include a 15% corporate minimum tax, a boost to IRS enforcement and carried interest modifications.