First-Time Penalty Abatement Is Being Replaced
August 25, 2026
Employers can now fund Trump accounts up to $2,500 per employee tax-free. Proposed regs spell
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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.
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