Houses Passes Inflation Reduction Act

August 16, 2022

The House of Representatives last week passed a sweeping budget reconciliation package that includes various energy, tax and healthcare provisions. The $784-billion legislation titled the “Inflation Reduction Act of 2022,” provides around $300 billion for climate and clean energy programs, aims to reduce prescription drug prices, includes a 15% minimum tax on large corporations and adds a new 1% excise tax on stock buybacks.

The bill, approved by the Senate, now goes to President Biden for signature.

Due to ALTA’s strong advocacy alongside a coalition of partners, 1031 real estate like-kind exchanges were not used as a revenue source to pay for any new spending in this bill.

Click here for a one-page summary and click here for the bill text. 

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