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1 William McBride, et al., Inflation Reduction Act One Year after Enactment 1 (2023)

handle is hein.taxfoundation/ifnrdn0001 and id is 1 raw text is: *TAX FOUNDATION Inflation Reduction Act One Year After Enactment William McBride Vice President of Federal Tax Policy & Stephen J. Entin Fellow in Economics Alex Muresianu Policy Analyst Erica York Senior Economist, Research Manager Michael Hartt Research Assistant August 2023 Key Findings • One year after the enactment of the Inflation Reduction Act (IRA), the law's complicated tax increases on large corporations, particularly the minimum tax on book income, have resulted in extraordinary implementation challenges and taxpayer confusion, with many questions left unresolved. Payments for both the minimum tax and the stock buyback tax are currently on hold until the IRS issues further guidance. • The law's subsidies for green energy, in the form of several tax credits with novel features including transferability and monetization, have proven attractive to taxpayers, leading to escalating budgetary costs approaching $1 trillion over the next decade. Among other things, this means the IRA as a whole likely worsens deficits. • Congress should reconsider key elements of the IRA, including the book minimum tax and the green energy credits, with an eye towards simplification and fiscal responsibility. The Tax Foundation is the world's leading nonpartisan tax policy 501 (c)(3) nonprofit. For over 80 years, our mission has remained the same: to improve lives through tax policies that lead to greater economic growth and opportunity. TAX FOUNDATION 1325 G STREET, NW, SUITE 950, WASHINGTON, DC 20005 202-464-6200 1 taxfoundation.org

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