America has joined the climate fight. The US has passed The Inflation Reduction Act, which, despite the name, contains the most sweeping climate measures in American history.
The Inflation Reduction Act of 2022 (the “Act”), signed into law this month, offers new or expanded tax incentives for buying electric vehicles (“EVs”) and using or producing certain environmentally friendly fuels.
Make it in America. For the first time ever, the Inflation Reduction Act establishes Make it in America provisions for the use of American-made equipment for clean energy production. The law provides expanded clean energy tax credits for wind, solar, nuclear, clean hydrogen, clean fuels, and carbon capture, including bonus credits for businesses that pay workers a prevailing wage and use registered apprenticeship programs.
The Inflation Reduction Act plans to:
- Build American clean energy supply chains,
- Support American workers
- Strengthen America’s manufacturing base
- Create good-paying union jobs in energy communities
Through tax credits and other incentives for renewable energy, electric vehicles and carbon capture and storage, the law aims to cut US greenhouse gas emissions to 40% below 2005 levels by 2030.
Battle Approved develops electric vehicle technology for work and performance-based off-road vehicles.
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