In 2022, Congress passed the Inflation Reduction Act (IRA), a broad piece of legislation featuring provisions to advance clean energy production and domestic manufacturing capacity. Changes to tax credits and incentives under this new law offer manufacturers significant opportunities to fund new renewable energy projects and investment in domestic manufacturing of equipment such as electric vehicles (EVs).

The IRA aims to increase manufacturing competitiveness by incentivizing onshoring, creating jobs and expanding the U.S. renewables sector. Manufacturers should consider three relevant tax provisions the IRA either introduces or updates:

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