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ARTICLE · 07 SEPTEMBER 2022

Inflation Reduction Act

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On 16 August 2022, President Joe Biden signed the Inflation Reduction Act of 2022 into law. The roughly $437 billion bill includes several provisions relating to federal taxation, clean energy, and healthcare.

United StatesGovernment, Public Sector
Jay Krause
Jay Krause
Steven Bonniwell
Steven Bonniwell
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On 16 August 2022, President Joe Biden signed the Inflation Reduction Act of 2022 into law. The roughly $437 billion bill includes several provisions relating to federal taxation, clean energy, and healthcare. Absent from the final bill, which passed along narrow party lines, are certain provisions relating to paid family and medical leave, an extension of the child tax credit, and the taxation of private equity carried interests. This note provides a very brief overview of some of the key provisions of the Act.

The Act appropriates around $80 billion to the U.S. Internal Revenue Service to add auditors, improve customer service, and modernize technology. In a memorandum sent the day after the bill passed, Secretary of the Treasury Janet Yellen set a six-month timeframe for Commissioner of Internal Revenue Charles Rettig to develop a plan for how the IRS will use the $80 billion. Secretary Yellen informed Commissioner Rettig that the Service will need to overhaul its

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