Inflation Reduction Act of 2022
Korean Solar Company Plans to Build $2.5 Billion Plant in Georgia
Under the legislation, businesses receive a tax credit at every stage of the supply chain. The act includes an estimated $30 billion in production tax credits to accelerate manufacturing of solar panels, wind turbines, batteries and for the processing of critical minerals. The law also offers an investment tax credit to companies that build factories […]
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With Deal in Hand, Democrats Enter the Fall Armed With Something New: Hope
Vulnerable incumbent Democratic senators like Maggie Hassan of New Hampshire and Catherine Cortez Masto of Nevada are already planning events promoting the landmark legislation they passed over the weekend. Democratic ad makers are busily preparing a barrage of commercials about it across key battlegrounds. And the White House is set to deploy Cabinet members on […]
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Biden Is on a Roll That Any President Would Relish. Is It a Turning Point?
WASHINGTON — President Biden strode out of the White House early Sunday with a jaunty step and a huge grin. “I’m feeling good,” he declared. He meant physically, now that he had finally ended his lengthy bout with Covid-19, but he could have been talking about his presidency writ large. Mr. Biden emerged from medical […]
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Energy Experts Say Climate Bill Could Help Consumers Cut Utility Bill Costs
The Inflation Reduction Act that was passed by the Senate on Sunday could lower electricity bills for consumers and the prices of things like rooftop solar panels, energy-efficient appliances and electric vehicles, Democrats and some energy experts said. Under the legislation, a home improvement credit for energy efficiency would allow households to deduct from their […]
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Climate and Tax Bill Scales Crucial Senate Hurdle, Paving Path to Passage
WASHINGTON — A divided Senate took a crucial step on Saturday toward approving Democrats’ plan to tackle climate change, bring down health care costs and raise taxes on large corporations, with a test vote that paved the way to enact a significant piece of President Biden’s domestic agenda in the coming days. The measure advanced […]
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Democrats Eye a Major Shift in How Corporations Are Taxed
WASHINGTON — At the center of the new climate and tax package that Democrats appear to be on the verge of passing is one of the most significant changes to America’s tax code in decades: a new corporate minimum tax that could reshape how the federal government collects revenue and alter how the nation’s most […]
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Progressives Embrace Climate and Tax Deal, Despite Disappointments
WASHINGTON — With enactment of a major piece of Democrats’ domestic agenda in sight within days, progressives in Congress are rallying, grudgingly but decisively, around a climate, health and tax package that is a shadow of the ambitious cradle-to-grave social policy overhaul they once demanded. Bowing to the realities of their party’s thin majorities in […]
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The Carried Interest Loophole Survives Another Political Battle
WASHINGTON — Once again, carried interest carried the day. The last-minute removal by Senate Democrats of a provision in the climate and tax legislation that would narrow what is often referred to as the “carried interest loophole” represents the latest win for the private equity and hedge fund industries. For years, those businesses have successfully […]
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Sinema Agrees to Climate and Tax Deal, Clearing the Way for Votes
WASHINGTON — Senator Kyrsten Sinema, Democrat of Arizona, announced on Thursday evening that she would support moving forward with her party’s climate, tax and health care package, clearing the way for a major piece of President Biden’s domestic agenda to move through the Senate in the coming days. To win Ms. Sinema’s support, Democratic leaders […]
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