Inflation Reduction Act

On August 16, President Biden signed into law the Inflation Reduction Act. This sweeping bill includes some changes to invididual income taxes, including extending the Premium Tax Credits for marketplace health plans through 2024 (they were originally scheduled to end this year). It modifies, extends, and creates a variety of tax credits for green energy. For busineses, it imposes a 15% minimum tax on corporate books income for corporations with profits over $1 billion. And increases the research & development tax credit for small businesses to $250,000. It expands IRS funding by $80 billion over 10 years and includes some provisions expected to bring down the cost of prescription drugs.