Tax credits

Proponents of affordable housing are hearted by provisions related to the Low-Income Housing Tax Credit, saying they could result in financing over 20,000 homes.

Businesses eager for a tax deal announced by two powerful U.S. lawmakers can't yet bank on the corporate breaks.

The Korean company is seeking to keep its cars competitive with automakers qualifying for tax credits under the Inflation Reduction Act.

The chairs of Congress' two main tax committees announced a deal to extend a number of expired tax credits and tax breaks, including the expanded Child Tax Credit.

Negotiators are nearing a bipartisan deal in time for many voters to receive the benefits during the current election year.

The Internal Revenue Service is extending the period for dealers and sellers of so-called "clean" vehicles such as electric cars to submit time-of-sale reports by a few days to qualify for tax credits.

Businesses eager to see Congress revive expired research and investment tax breaks have reason for optimism that a deal could come together as soon as this month.

Narrower criteria reduced the number of qualifying models from about two dozen. The new rules exclude from the tax credit vehicles that use battery components made by Chinese manufacturers.

What do these changes mean for taxpayers and how can accountants help manage the impact?

The Internal Revenue Service and Treasury plan to propose regulations on a requirement for a product identification number, and they're asking for comments ahead of time on the PIN requirement.