Inflation Reduction Act 2024 Spending Card

Inflation Reduction Act 2024 Spending Card. The inflation reduction act contains $500 billion in new spending and tax breaks that aim to boost clean energy, reduce healthcare costs, and increase tax revenues. The inflation reduction act doubled the refundable research and development tax credit for small businesses, raising it from $250,000 to $500,000.

The inflation reduction act is designed to adhere to biden’s campaign promise not to raise taxes on families or small businesses that make less than $400,000 a year, though. Washington— this week, treasury and the irs are starting to send nearly 4 million economic impact payments (eips) by prepaid debit card, instead of by paper check.