FASB's new ASC 818 replaces analogy-based accounting for environmental credits with one consistent model. See
4 min read
Tax Byte
The centerpiece of the Inflation Reduction Act of 2022 (IRA22) was a myriad of new and expanded energy credits intended to address climate change. Using the Congressional Budget Office’s February 2024 report, the Committee for a Responsible Federal Budget estimates that the ten‐year cost of the Inflation Reduction Act of 2022 credits will increase by 170% from $271 billion to $736 billion between 2022 and 2031.
The increased costs will contribute to the pressure to repeal or reduce energy credits if the November election results in changes to the control of the House, Senate, and/or the White House.
STAY TUNED
Stay updated with more breaking tax-related developments by subscribing to TaxBytes.
Recent Stories
Next Up...
Medi-Cal's asset limit returns in 2026. Learn why California's transfer-penalty rules make the gifting conversation
7 min read
AI is already in nearly every practice. OPR Alert 2026-19 adds no new rules to
6 min read