U.S. Inflation Reduction Act to Boost Incentives for Clean Energy Technologies

On August 16, U.S. President Joe Biden signed the Inflation Reduction Act into law. Among other impacts, the wide-ranging law is designed to lower the cost of prescription drugs, reform the U.S. tax code including instituting a minimum corporate tax of 15%, and reduce greenhouse gas emissions by offering clean energy incentives. At roughly US$ 370 billion, the law includes the largest investment the U.S. government has ever made to fight climate change and has the potential to transform clean energy industries in the United States.