Inflation Reduction Act 2024 Update. Since january 2024, more than 250,000 americans have claimed the inflation reduction act’s ev tax credits—either $7,500 off a qualified new electric vehicle, or up to $4,000 off a qualified. Starting january 2024, the inflation reduction act expanded the program to cover more drug costs for people with limited resources:
Taxes are poised to rise under the inflation reduction act, which passed in august 2022, but the increases target very large corporations and the richest americans. The inflation reduction act of 2022 (“ira”) is the largest investment in climate change mitigation and adaptation in american history.