August 2, 2022
On July 27, 2022, U.S. Senate Majority Leader Chuck Schumer (D-N.Y.) and Sen. Joe Manchin (D-W.V.) introduced the Inflation Reduction Act of 2022, which proposes new and revised tax incentives for clean energy. The bill incorporates many, but not all, of the original proposals from last year’s Build Back Better Act.
Notable highlights of the bill include the following:
The proposed changes to the tax law are subject to further modification as the draft legislation progresses through Congress. It is unclear at this time what tax changes will be enacted in final form by Congress and ultimately signed into law.
The Senate plans to vote on the bill during the week of Aug. 1, 2022. If the Senate passes the bill by Aug. 7, the House will need to return to vote on the bill during the middle to last half of August.
McGuireWoods lawyers are experienced in energy, project finance and tax equity structures. Do not hesitate to reach out if you would like to discuss any of the above information.