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Households with income between 80% and 150% of their state’s median income will be eligible for half of each rebate: $4,000 for a heat pump and $875 for a heat pump water heater.
In December 2024, the clean power investment tax credit's rules were finalized, which clarify what qualifies as an energy project, what assets an offshore wind farm, geothermal heat pump or biogas plant owner can use to claim the credit, and what credit-qualifying stored hydrogen can be used for. [246]
The Tax Relief for American Families and Workers Act is a $78 billion package that would expand the Child Tax Credit (a tax benefit that provides money to parents), restore business tax breaks, increase federal funding for states to encourage the development of low-income housing, deepen economic ties between the United States and Taiwan and end a pandemic-era employer tax benefit.
In exchange for supporting the Inflation Reduction Act, Sen. Kyrsten Sinema, D-Ariz., insisted that the bill provide an extra $4 billion in funding for mitigating the effects of drought on her ...
An appropriations bill is a bill that appropriates (gives to, sets aside for) money to specific federal government departments, agencies, and programs. The money provides funding for operations, personnel, equipment, and activities. [1] Regular appropriations bills are passed annually, with the funding they provide covering one fiscal year.
Most of the bill’s provisions would apply retroactively to 2023 federal returns as well as 2024 and 2025 returns. But with the current filing season well underway, the legislation is stalled.
The Build Back Better Act was a bill introduced in the 117th Congress to fulfill aspects of President Joe Biden's Build Back Better Plan.It was spun off from the American Jobs Plan, alongside the Infrastructure Investment and Jobs Act, as a $3.5 trillion Democratic reconciliation package that included provisions related to climate change and social policy.
When the Senate passed the Inflation Reduction Act (IRA) late Sunday afternoon, it was the first time the body had ever passed any significant measures to address climate change.