What Is The Inflation Reduction Act For 2024. The inflation reduction act is designed to adhere to biden's campaign promise not to raise taxes on families or small businesses that make less than $400,000 a year, though. History, lowers the cost of prescription drugs and raises taxes on corporations.
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,. On august 16, 2022, president biden signed the inflation reduction act (ira) into law, marking one of the largest investments in the american economy, energy security, and climate that congress has made in the nation’s history.
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