The Inflation Reduction Act of 2022- Why Should You Care?
- Author
- T. Scott Tufts
- Published
- Thu 25 Aug 2022
- Episode Link
- https://podcasters.spotify.com/pod/show/t-scott-tufts/episodes/The-Inflation-Reduction-Act-of-2022--Why-Should-You-Care-e1muskc
https://[email protected] CALL 1-800-647-7887
Attorney T. Scott Tufts (Board Certified Tax Lawyer with Florida Bar) will be discussing the following:
The Inflation Reduction Act of 2022- Why Should You Care?
1. What’s new and immediate? 30% tax credit for installing energy-efficient windows, heat pumps, or more recent models of appliances Solar panels – separate tax credit (rebates available) Expanded tax credits for electric vehicles ($7,500 new; $4,000 used) Installed electric vehicle charging station at home (tax credit) (Possible Gotcha?—battery components must come from the US)
2. Other non-tax provisions (sort of) Health care provisions—Limit insulin payments to $35/month in 2023 Cap all out-of-pocket drug costs - $4,000 annually in 2024 and lower cap further to $2,000 in 2025 Lower premiums subsidies will continue on health insurance from Affordable Care Act of 2010.
