The Inflation Reduction Act of 2022

On August 16, 2022, President Joe Biden signed the Inflation Reduction Act of 2022 (“Act”), the roughly $740 billion budget reconciliation package that includes some targeted corporate tax increases, a large increase in funding for the Internal Revenue Service, incentives to promote climate change mitigation and clean energy, and provisions to promote health care affordability. The new law has limited direct effect on the sale of life insurance and annuity products for wealth transfer, retirement income, and business planning.