KPMG report: Accounting for tax provisions in the “Inflation Reduction Act of 2022” and CHIPS legislation (updated)
Updated to address IFRS considerations
“Inflation Reduction Act of 2022” and CHIPS legislation (updated)
H.R. 5376, commonly called the “Inflation Reduction Act of 2022” (IRA), and H.R. 4346, “The CHIPS and Science Act of 2022” (CHIPS), introduce new options for monetizing certain credits, a corporate alternative minimum tax, and a stock repurchase excise tax.
Read a KPMG report (updated February 2023)* [PDF 1.26 MB] prepared by KPMG’s Department of Professional Practice regarding U.S. GAAP and IFRS considerations of key tax provisions in the IRA and CHIPs.
* Originally published September 2022, first updated November 2022, and now updated to address IFRS considerations
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.