Inflation Reduction Act -- Text

[BobKamman]

Here is a link to the final version of the bill:

https://www.congress.gov/117/bills/hr5376/BILLS-117hr5376eas.pdf

Not much change to individual income tax statutes, thankfully. Corporations have to find new loopholes. There is funding for IRS, starting on Page 36 (Section 10301). About $3 billion for taxpayer service, $45 billion for enforcement. Then $25 billion for administrative overhead. These funds run through 2031, in addition to other appropriations. And $15 million for a task force “to design an IRS-run free ‘direct efile’ tax return system,” with report to Congress due in 9 months. Action expected in 9 years.

Part 4, “Clean Vehicles,” starting on Page 373, deals with the new rules for the “clean vehicle credit.” These generally are vehicles that allow carbon emissions from generating plants far from home, rather than on city streets. (Well, OK, eventually alternative power sources will prevail, after the grid is shut down by rechargers overloading it.) Cars must be lower priced, and taxpayers must be lower earners. But the credit will be paid by dealers, like rebates that they have known how to shuffle for years, and then paid back to IRS on Form 1040 if it turns out the taxpayer’s AGI is higher than expected.

[Greta]

Has anyone found on what page is the solar roof credit (I understand it's back to 30%); need the taxpayer have tax liability to claim it?

[TaxGuyBill]

The residential credit starts on page 351. 

Yes, it is still a nonrefundable credit, so that has not changed.