Congress through Biden ensured good paying jobs,strengthened energy security, tackled climate change, and improved services to taxpayers?.-A Study On the Inflation Reduction Act.
Congress and Biden on Historic Legislation.
President of the United States of America Mr.Biden signed the Inflation Reduction Act (IRA) into law, on August 16,2022. It is regarded as one of the largest investments in the American economy, energy security, and climate that Congress has made in the country's history.
Object of the Act
The Act is creating opportunities to build new projects, hire workers, and manufacture equipment necessary to strengthen domestic supply chains, lower household energy costs while reducing greenhouse gas emissions, and pay good wages for those efforts in U.S Economy.
Role of U.S Department of Treasury.
The U.S Department of the Treasury is responsible for implementing major part of the Act. As per the Act the Treasury Department has responsibility to consider the matters of tax tax incentives that encourage investment in clean energy and manufacturing and that lower healthcare costs, corporate tax code reforms that enhance economic fairness, and Internal Revenue Service’s (IRS) efforts to dramatically improve customer service, modernize technology, and ensure tax law compliance from the part of wealthy and large corporations. Accordingly the tax policy wing of the US Treasury Department develop tax regulations and guidelines in order to implement energy credit under the Act and other tax law changes.
American public informational resources
U.S Treasury Department provides the American public informational resources about the law’s incentives, programs, and policies and tells the story of its impact.The Act enhanced or created 20 or more tax incentives for clean energy and manufacturing. The Act has significant provisions to provide incentives to boost private sector investment and strengthening supply chain mechanism.
It is reported that as of now the Act has made positive impacts on the lives of everyday Americans by creating good-paying jobs, strengthening energy security, tackling climate change, and improving services to taxpayers.