Tax credits

If your clients thinking of buying an electric car or an energy-saving heat pump eligible for federal tax credits and rebates, now might be the time.

Although no Republicans voted for the measure two years ago, some of its incentives, such as tax credits for producing hydrogen and capturing carbon dioxide, are very popular with oil companies and other core GOP constituencies.

What looks like a domestic triumph is also a win for America's primary industrial and geopolitical rival.

It's the latest in a series of tax breaks announced by the Republican nominee with the election only about a week away.

Final regulations are also available for the Advanced Manufacturing Production Credit established by the Inflation Reduction Act.

The Internal Revenue Service set the credit at $1.25 to $1.75 per gallon of fuel with a minimum reduction of 50% of GHGs.

The Biden administration finalized rules for a 25% tax credit for semiconductor manufacturing projects, including solar wafers.

The Internal Revenue Service says it is processing some 400,000 claims for the Employee Retention Credit, representing about $10 billion of eligible claims.

Third-party payers like payroll providers can now withdraw claims for individual clients.

If elected, Trump would go into negotiations with Congress regarding a set of tax proposals totaling $11 trillion and counting, according to the Tax Foundation.