Legal Alert: Inflation Reduction Act imposes a nondeductible 1% excise tax on certain corporate stock buybacks
Posted on Aug 23, 2022 in Legal Alerts
On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (the IRA) into law. Among the provisions of the IRA is a nondeductible 1% excise tax on the repurchase of corporate stock (the Buyback Tax). The Buyback Tax is directly levied on repurchasing corporations, which means that corporations that currently have, or are considering, the adoption of stock buyback...
Legal Alert: Signed, sealed, delivered – Biden signs Inflation Reduction Act enacting “new” corporate minimum tax
Posted on Aug 17, 2022 in Legal Alerts
On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (the IRA) into law. Among the most notable IRA provisions is a 15% corporate alternative minimum tax on corporations with book profits exceeding $1 billion effective for taxable years beginning after December 31, 2022 (the AMT). Originally a provision of the now-defunct Build Back Better Act, the AMT was...
Legal Alert: Inflation Reduction Act of 2022 signed into law – A summary of the energy tax provisions
Posted on Aug 16, 2022 in Energy Tax, Legal Alerts
The Inflation Reduction Act of 2022 (the Act) was signed into law on August 16, 2022, and includes about $370 billon for American energy security and climate change. Those changes include very substantial extensions, expansions and modifications of the tax credits for renewable and alternative energy development. In one of the best-kept secrets in Washington, Senators Manchin...
Legal Alert: Inflation Reduction Act of 2022 – The energy tax provisions you need to know about
Posted on Aug 4, 2022 in Legal Alerts
The Inflation Reduction Act of 2022 (the Act) runs 725 pages and includes numerous energy tax provisions aimed at enhancing US. energy security. The Act, if enacted, would extend and expand the renewable and alternative energy tax credits, shift to technology neutral credits in 2025, provide for US energy component manufacturing credits and modify the rules for electric vehicle tax...