In August of 2022, the Inflation Reduction Act was officially signed into law, adding tax benefits to those in the process of incorporating energy-efficient home improvements to their properties. This act provides a Residential Clean Energy Credit, which can provide homeowners up to 30% back in credit if they install solar onto their home. Also included is a Qualified Plug-In Electric Drive Motor Vehicle Credit, which can provide credit for qualifying vehicle purchases, as well as a percentage for the cost of at-home charging equipment.
This new act is expected to make history with its intent to fight inflation, to invest in domestic energy production, and to reduce all carbon emissions by approximately 40% by 2030! With this Act also comes expanded Medicare benefits, lower energy bills, lower healthy care costs, and protection for families and small businesses with an income of $400k or less.
If you are interested in learning more about what the Inflation Reduction Act can do for you, be sure to call our team at 631.481.8600 to discuss your potential for receiving credit back on your energy-efficient improvements.
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Gregory Scotto
SMG ABA provides strategic accounting, bookkeeping, and fractional CFO advisory services to hospitality, real estate, and growth businesses nationwide.
