JCT Estimates Impact of Repealing IRA Energy Tax Provisions

JCT Estimates Impact of Repealing IRA Energy Tax Provisions

U.S. Joint Committee on Taxation

Repealing energy tax provisions of the Inflation Reduction Act would raise a total of $652.5 billion through 2033, the Joint Committee on Taxation reported in preliminary estimates from May 25. 

Repealing energy tax provisions of the Inflation Reduction Act would raise a total of $652.5 billion through 2033, the Joint Committee on Taxation reported in preliminary estimates from May 25.

Repealing energy tax provisions of the Inflation Reduction Act (<a href="/lr/resolve//7dybc">P.L. 117-169</a>) would raise a total of $652.5 billion through 2033, the Joint Committee on Taxation reported in preliminary estimates from May 25. Repealing tax credits for clean electricity and carbon emissions reduction would raise $201.4 billion from 2023 to 2033; repealing tax credits for clean fuels would raise $44.6 billion; repealing energy efficiency and clean energy tax credits and deductions for individuals would raise $44.4 billion; repealing clean vehicle tax credits would raise $101.2 billion; repealing clean energy manufacturing and energy security tax credits would raise $142.4 billion; and repealing clean electricity and transportation tax incentives would raise $123.7 billion. Repeal of the Superfund tax reinstatement would cost $10.5 billion, the JCT estimated.

Repealing energy tax provisions of the Inflation Reduction Act (P.L. 117-169) would raise a total of $652.5 billion through 2033, the Joint Committee on Taxation reported in preliminary estimates from May 25. Repealing tax credits for clean electricity and carbon emissions reduction would raise $201.4 billion from 2023 to 2033; repealing tax credits for clean fuels would raise $44.6 billion; repealing energy efficiency and clean energy tax credits and deductions for individuals would raise $44.4 billion; repealing clean vehicle tax credits would raise $101.2 billion; repealing clean energy manufacturing and energy security tax credits would raise $142.4 billion; and repealing clean electricity and transportation tax incentives would raise $123.7 billion. Repeal of the Superfund tax reinstatement would cost $10.5 billion, the JCT estimated.