Inflation Reduction Act of 2022 (IRA)
- Is known as the "largest clean energy investment in U.S. history,” because not only does it extend and expand existing tax credits, but introduces new tax credits.
- It extended the investment tax credit (ITC) and production tax credit (PTC) through 2024 to promote clean energy production and reduce carbon emissions.
- New tax credits include the Clean Hydrogen Production Tax Credit and Advanced Manufacturing Production Credit, fostering a comprehensive approach to incentivizing sustainable energy practices.