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Inflation Reduction Act of 2022

Exam Questions: 10
Course Level: Basic
Pages: 70 | Content: 58, Supplemental: 12
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 8175

On August 16, 2022, the Inflation Reduction Act (IRA), legislation designed in large part to lower consumer energy costs and provide economic incentives to reduce the human impact on climate change, became law. Among other provisions, the new law provides multiple tax incentives for taxpayers to:

- Make energy efficient home improvements;
- Purchase electric vehicles; and
- Afford health insurance coverage.

This course addresses the provisions of the Inflation Reduction Act most likely to be of interest to tax preparers. In so doing, it examines the tax credits available for energy-efficient home improvements, for purchase of new and used electric vehicles, for electric car charging and natural gas powered car fueling devices, and clean energy generation. In addition, it discusses the expanded health insurance premium tax credits and the extension of the limitation of non-corporate taxpayer excess business losses.All course material provided. No prerequisites. Course level: Basic.

EA Program Approval Number: ZX34G-T-00489-22-S

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Course Information

Table of Contents
  • Chapter 1: Energy-Efficient Home Improvement Provisions
  • Chapter 2: Electric Vehicle Purchase Incentives
  • Chapter 3: Refueling Property Provisions
  • Chapter 4: Inflation Reduction Act Miscellany
Objectives
  • To identify the energy-efficient home improvements for which a taxpayer may apply a tax credit
  • To recognize how to calculate the tax credit available for energy-efficient home improvements
  • To identify qualified energy property
  • To recognize the tax credit rules applicable to the installation of qualified energy property
  • To identify a clean vehicle eligible for an electric vehicle tax credit
  • To recognize how to apply the rules governing electric vehicle purchase tax credits
  • To recognize the limitations and requirements applicable to tax credits available for new and previously-owned vehicles
  • To identify the tax credits available for new and previously-owned clean vehicles
  • To identify the maximum MAGI beyond which a taxpayer is ineligible for a new or previously-owned clean vehicle tax credit
  • To recognize the amount of the tax credits available for installation of an electric vehicle charging station
  • To recall the applicable requirements for eligibility for a charging station tax credit
  • To recall how to apply the penalties applicable to a business taxpayer's violation of the prevailing wage requirements in constructing an electric vehicle charging station
  • To identify how to calculate the penalty applicable to a taxpayer's failure to meet the apprentice requirements in the construction of a qualified alternative fuel vehicle refueling station
  • To recognize the taxpayers for whom the expanded premium tax credit is available under the Inflation Reduction Act
  • To recall how to calculate the amount of the premium assistance tax credit available to taxpayers
  • To identify the duration of the limitation on non-corporate business losses provided under the Inflation Reduction Act

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