How the Inflation Reduction Act can help US Veterinary Teams Meet Sustainability Goals
This is your opportunity to embrace climate action at the grass roots scale and be amply rewarded in rebates and tax incentives. The Inflation Reduction Act and Bipartisan Infrastructure Bill passed initiatives that will address many problems including lowering health costs, bringing manufacturing back to the US, bolstering supply chain resiliency, and providing resources for electrifying all of the US at the home and at the small business level whilst ensuring adequate city to state infrastructure growth to support this. More than $365B will be invested in 130 separate programs with the projection of decreasing energy costs whilst decreasing current GHG emissions by more than 40% over 2005 levels by 2050.
Business Incentives: Direct Effects
Keep the team healthy: The American Rescue Plan’s premium tax credit has been extended by the IRA to at least 2025 providing savings of $800 annually for small business providing health coverage for more than 13 million Americans.
Go solar: Tax credit of up to 30% for switching to solar, providing lower operating costs, protection against volatile energy prices, and is a marketable attestation to sustainability goals.
Green transit: Tax credits of up to 30% off the purchase of clean commercial vehicles as fleet, for both electric and fuel cell vehicles.
Support staff: Bonus credits for businesses that use registered apprenticeship programs and pay workers a prevailing wage.
Equity: An additional 10% tax credit can be earned for clean energy projects of underserved communities, part of the Justice40 initiative.
Business Incentives: Broader Impacts
Economic stability: The IRA effect will be to reduce inflation across all sectors which will also help small businesses operate with greater price stability from wages to prices of goods and energy.
Added tax incentives: The Research and Development tax credit has been doubled from $250K to $500K for small businesses. This savings can be applied to reduce general expenses including payroll taxes which will enable investments in innovation to solve other problems, stimulate job growth, and general business growth to drive forward the economy.
Made in the US, by the US: General advancement of US based manufacturing, businesses, and workers will improve competitiveness and augment the resiliency of local supply chain whilst providing competitive salaried jobs; estimated to produce 9 million new jobs in the coming decade.
So now you can electrify your business and home readily. When combined with the provision of 100% renewable electricity source – both your business and home can become 100% fossil fuel free!
Other, General Public and Small Business, Rebates and Tax Incentives
The IRA affords low-to medium income earners substantial rebates on electrifying their homes and for both used and new electric vehicles. There are also unlimited (no cap) tax incentives that can be enjoyed over the next 10+ years by earners at any level and also small businesses. It is projected the average American could save up to $1000/year if they electrified their home fully. Rewiring America has a useful calculator tool for determining quickly the potential rebates and tax credits
Check out the IRA Items to electrify the home/business with installation covered include, but are not limited to:
heat pump/cooler
electric/induction stove
heat pump water heater
heat pump clothes dryer
electrical panel and wiring upgrade
weatherization (windows and wall/roof insulation),
