To give tax and financial professionals a detailed overview of the tax provisions included in the Inflation Reduction Act of 2022, which has made a tremendous impact on the taxes of their companies, as well as those of their clients.

SPEAKER:

Bill Briggs, Tax Partner, Stephano Slack LLC

• 15% Minimum Tax on Large Corporations
   – Adjusted Financial Statement Income (AFSI)
• 1% Excise Tax on Stock Repurchases
  – Covered corporation
  – Redemptions
  – Specific affiliate
  – Foreign corporations
  – Exclusions
• Additional Funding for IRS Enforcement
• Energy Efficient Home Improvement Credit (EEHIC)
• Credits Related to New and Used Vehicles
• Extension of the Limitation on Net Business Losses for Individuals
• Modification to the Payroll Tax R&D Credit
• ACA Subsidies Extended
• Home and Building Credits
  – New Energy Efficient Homes
  – Commercial Buildings Section 45L and 179D
  – Low Income Housing Credits
• Climate Change Tax Incentives
  – Prevailing Wage and Apprenticeship Requirements (PWAR)
  – Energy community bonus credit
  – Domestic Content Requirement (DCR)
  – Clean Electricity Production Tax Credit (PTC)
  – Extension and Modification of the Energy Credit (ITC)
  – Low income solar/wind credit
  – Carbon oxide sequestration credit
  – Alternate fuels/biofuels
  – Sustainable aviation fuel
  – Clean hydrogen credits
   

To give tax and financial professionals a detailed overview of the tax provisions included in the Inflation Reduction Act of 2022, which has made a tremendous impact on the taxes of their companies, as well as those of their clients.

SPEAKER:

Bill Briggs, Tax Partner, Stephano Slack LLC

• Identify the corporations subject to the new corporate AMT

• Recognize the assessment rate of the new corporate excise tax on the repurchase of stock

• Recognize the constraints surrounding the increased funding for the IRS

• Recognize the extended applicability date of the Section 461(l) excess business loss limitation for non-corporate taxpayers

• Identify the legislation’s domestic content threshold requirement for receipt of expanded clean energy credit

• Identify the conditions under which an entity can receive an expanded clean electricity production tax credit (PTC)

• Recognize the maximum Section 30D credit available to purchasers of an electric drive vehicle under the legislation

• 15% Minimum Tax on Large Corporations
   – Adjusted Financial Statement Income (AFSI)
• 1% Excise Tax on Stock Repurchases
  – Covered corporation
  – Redemptions
  – Specific affiliate
  – Foreign corporations
  – Exclusions
• Additional Funding for IRS Enforcement
• Energy Efficient Home Improvement Credit (EEHIC)
• Credits Related to New and Used Vehicles
• Extension of the Limitation on Net Business Losses for Individuals
• Modification to the Payroll Tax R&D Credit
• ACA Subsidies Extended
• Home and Building Credits
  – New Energy Efficient Homes
  – Commercial Buildings Section 45L and 179D
  – Low Income Housing Credits
• Climate Change Tax Incentives
  – Prevailing Wage and Apprenticeship Requirements (PWAR)
  – Energy community bonus credit
  – Domestic Content Requirement (DCR)
  – Clean Electricity Production Tax Credit (PTC)
  – Extension and Modification of the Energy Credit (ITC)
  – Low income solar/wind credit
  – Carbon oxide sequestration credit
  – Alternate fuels/biofuels
  – Sustainable aviation fuel
  – Clean hydrogen credits