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Inflation Reduction Act: Clean Vehicle Credits, Energy Efficient Credits, Excise Tax on Stock Repurchases

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Thursday, December 1, 2022

Recorded event now available

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This webinar will explain the income tax planning opportunities provided under the Inflation Reduction Act. Our panel of tax professionals will detail the new credits available, explain modifications and extensions of existing credits, and address planning opportunities for individuals and companies.

Description

Recently enacted, the Inflation Reduction Act brings with it a number of new and extended tax credits, including energy-related credits. The $7,500 credit under Section 30D is now the Clean Vehicle Credit. The cap on the number of vehicles qualifying for the credit has been removed. This means that vehicles that had reached the limit are now credit eligible. New Section 25E has been added and allows a credit of up to $4,000 for the purchase of clean used vehicles. There are stipulations attached to the credits, including those imposed on the manufacturers and modified adjusted gross income limitations on individuals using the credit.

In addition to vehicle credits, the Act includes energy credits for individuals and businesses. The newly named Energy Efficient Home Improvement Credit allows a $1,200 annual credit for specific home improvements and qualified energy property purchases for individuals. For companies, many existing credits have been modified and extended and new credits including Section 45Y credit for production of energy at qualified facilities and Section 48E clean energy electricity investment credit have been added. Tax practitioners working with individuals and businesses need to understand the tax benefits available under the Inflation Reduction Act.

Listen as our panel of federal income tax experts reviews the components of the Inflation Reduction Act for income tax advisers.

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Outline

  1. Inflation Reduction Act
  2. Clean energy provisions
  3. Clean vehicle credits
  4. Energy efficient credits
  5. Treating credits as tax payments
  6. Corporate alternative minimum tax
  7. Excise tax on corporate stock repurchases
  8. Other provisions

Benefits

The panel will address these and other key issues:

  • Who qualifies for the new Clean Vehicle Credit under Section 30D?
  • Treating energy credits as tax credits under new Section 6417
  • What improvements qualify for the Energy Efficient Home Improvement Credit?
  • Calculating the one percent excise tax on stock repurchases

Faculty

Kiely, Daniel
Daniel T. Kiely
Partner
Mayer Brown

Mr. Kiely is a partner in Mayer Brown’s New York office and a member of the Tax Transactions & Consulting...  |  Read More

McGuire, David
David McGuire
Shareholder
McGuire Sponsel

Mr. McGuire's client work concentrates on depreciation law, fixed assets and cost segregation. Before founding the...  |  Read More

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