President signs budget reconciliation legislation; KPMG’s report on tax law changes
Analysis and observations: Tax law changes in the “Inflation Reduction Act of 2022”
Analysis and observations: Tax law changes in the “Inflation Reduction Act of 2022”
President Biden today signed into law H.R. 5376 (commonly referred to as the “Inflation Reduction Act of 2022”)—the budget reconciliation legislation that includes significant law changes related to tax, climate change, energy, and health care.
The bill was passed by the Senate on August 7, 2022, and by the House of Representatives on August 12, 2022.
The tax measures include, among other items, a corporate alternative minimum tax of 15%; an excise tax of 1% on corporate stock buy-backs; energy-related tax credits; and additional funding for the IRS for taxpayer services and enforcement.
Read a KPMG report Analysis and observations: Tax law changes in the “Inflation Reduction Act of 2022” [PDF 1.5 MB] (73 pages)
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