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Inflation Reduction Act of 2022 – Energy Industry Implications

The Inflation Reduction Act of 2022 (IRA) is the most significant legislation related to climate change in U.S. history. It has significant tax implications for the clean energy industry–providing unprecedented levels of support to everything from renewable energy, storage, nuclear and carbon capture projects to renewables and storage equipment manufacturing to electric vehicles and electric vehicle chargers.

Troutman Pepper Locke helps clients understand the complexities of the IRA, including anticipating emerging issues and taking advantage of opportunities throughout the industry. The IRA invests in domestic energy production and manufacturing while seeking to reduce carbon emissions by roughly 40 percent by 2030.

Highlights include:

  • Advanced Manufacturing Production Credit
  • PTC and ITC Extensions
  • Standalone Storage and Interconnection Property
  • Section 45Q Credit
  • Prevailing Wage and Apprenticeship Requirements
  • Domestic Content Enhancement
  • Energy Community Enhancement
  • Nuclear Power Production Credit
  • EV Credit for New and Used EVs
  • EV Charging Credit
  • Residential Clean Energy Credit
  • Energy Efficiency Home Improvement Credit
  • Low-Income Community Enhancement
  • Direct-Pay Election and Credit Transfer
  • Clean Electricity Production Credit and Clean Electricity Investment Credit
  • Corporate Alternative Minimum Tax
  • Clean Hydrogen Credits

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