What Is The Inflation Reduction Act For 2024 Taxes

What Is The Inflation Reduction Act For 2024 Taxes. Since january 2024, more than 250,000 americans have claimed the inflation reduction act's ev tax credits—either $7,500 off a qualified new electric vehicle, or up to. Not only is the federal debt at roughly $36 trillion, but the spike in inflation after the coronavirus pandemic has pushed up the government's borrowing costs such that debt service.

Over the next 10 years, we estimate that the inflation reduction act will raise about $385 billion in conventional revenue and about $361 billion dynamically after accounting for economic impacts. The inflation reduction act modifies and extends the clean energy investment tax credit to provide up to a 30% credit for qualifying investments in wind, solar, energy storage, and other renewable energy projects that meet.