August 2022
After almost a year of negotiations, President Biden signed the Inflation Reduction Act (IRA) of 2022 into law on August 16. The law, which originated in 2021 as the much larger Build Back Better Act, includes more than $430 billion in tax credits and other incentives intended, among other goals, to promote a variety of “green” energy sources and technologies. The following offers an overview of provisions in the IRA that could benefit or otherwise affect nonprofit organizations. The specific impacts and benefits for an organization will depend on its mission and activities.
