I can think of a few things I don’t like: Going to the dentist, bad sushi, and moving! I moved this past month and while things have settled down a bit, it was no fun. Dealing with the service providers we use for things like the Internet and phone were dismal experiences and some of our suppliers – like my insurance broker – were great: Supportive and making the process easy and to them I say thanks and to the first group it’s a resounding “Bah humbug”!
So, what about you and moving? Let’s start with the INFLATION REDUCTION ACT. Are you moving towards those opportunities for you, your stakeholders and community? Yes, it is a long bill written in tricky language and we do recommend Googling for a summary or two, (and we have some to share), to distill it to actionable items in many important areas:
- 30%, 26% or 22% ITC for energy property based on when you begin construction
- There are real opportunities to increase these credits with American made goods
…and, of course when Congress giveth, it also taketh away:
- 15% minimum corporate tax on “adjusted financial statement income”
At the end of the day, the good news is there are many benefits to renewing our infrastructure and sources of energy and transportation. Upgrading the equipment and facilities we all use is highly encouraged and your tax and accounting professional can show you the way. So, I guess it’s time to get moving.