JCT Estimates Inflation Reduction Act Would Raise $68.2 Billion

JCT Estimates Inflation Reduction Act Would Raise $68.2 Billion

U.S. Joint Committee on Taxation

Revenue provisions of Title I of the substitute amendment to H.R. 5376, the Inflation Reduction Act of 2022, would raise $68.2 billion from 2022 to 2031, according to very preliminary estimates released by the Joint Committee on Taxation on July 28.

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Revenue provisions of Title I of the substitute amendment to H.R. 5376, the Inflation Reduction Act of 2022, would raise $68.2 billion from 2022 to 2031, according to very preliminary estimates released by the Joint Committee on Taxation on July 28.

Revenue provisions of Title I of the substitute amendment to <a href="/lr/resolve//7dtkf">H.R. 5376</a>, the Inflation Reduction Act of 2022, would raise $68.2 billion from 2022 to 2031, according to very preliminary estimates (#22-2 027 R4) released by the Joint Committee on Taxation on July 28. Deficit reduction proposals would raise $326.2 billion, $313.1 billion of which would be from the corporate alternative minimum tax. Provisions intended to promote clean energy and reduce emissions would cost $258 billion, including $98.3 billion from clean electricity and carbon emission reduction measures; $18.8 billion from clean fuel proposals; $37 billion from individual energy efficiency proposals; $14.2 billion from clean vehicle incentives; $37 billion from clean energy manufacturing incentives; and $65.6 billion from clean transportation proposals. Reinstating the Superfund would raise $11.7 billion, the JCT said.

Revenue provisions of Title I of the substitute amendment to H.R. 5376, the Inflation Reduction Act of 2022, would raise $68.2 billion from 2022 to 2031, according to very preliminary estimates (#22-2 027 R4) released by the Joint Committee on Taxation on July 28. Deficit reduction proposals would raise $326.2 billion, $313.1 billion of which would be from the corporate alternative minimum tax. Provisions intended to promote clean energy and reduce emissions would cost $258 billion, including $98.3 billion from clean electricity and carbon emission reduction measures; $18.8 billion from clean fuel proposals; $37 billion from individual energy efficiency proposals; $14.2 billion from clean vehicle incentives; $37 billion from clean energy manufacturing incentives; and $65.6 billion from clean transportation proposals. Reinstating the Superfund would raise $11.7 billion, the JCT said.