Course Description
Course publication/revision date: This course was updated on 8/14/2025 (to include the OBBBA).
On August 16, 2022, the Inflation Reduction Act (IRA), legislation designed in large part to lower consumer energy costs and provide economic incentives to reduce the human impact on climate change, became law. Among other provisions, the new law provides multiple tax incentives for taxpayers to:
Make energy efficient home improvements;
Purchase electric vehicles; and
Afford health insurance coverage.
This course addresses the provisions of the Inflation Reduction Act most likely to be of interest to tax preparers. In so doing, it examines the tax credits available for energy-efficient home improvements, for purchase of new and used electric vehicles, for electric car charging and natural gas powered car fueling devices, and clean energy generation. In addition, it discusses the expanded health insurance premium tax credits and the extension of the limitation of noncorporate taxpayer excess business losses.
On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) became law and eliminated certain of the Inflation Reduction Act provisions. Those OBBBA provisions will be examined in the text.
