The U.S. Congressional Research Services (CRS) has published an updated report on the Tax Provisions in the Inflation Reduction Act of 2022 (H.R. 5376), dated 10 August 2022. The report covers the tax provisions as passed by the Senate on 7 August 2022, which include:
- Imposing an excise tax on corporate stock repurchases;
- Establishing an excise tax on drug manufacturers, producers, and importers who fail to enter into drug pricing agreements;
- Modifications to the tax treatment of the energy sector that would generally reduce revenues, including:
- extension and modification of the credit for electricity produced from certain renewable resources;
- extension and modification of the energy credit; and
- extension of excise tax credits for alternative fuels, biodiesel, and renewable diesel.
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