Inflation Reduction Act: Tax Breaks and Energy Savings for Small Business Owners

Small business owners: The Inflation Reduction Act contains provisions that may help you reduce taxes and energy costs. For example, small businesses usually are eligible to claim a tax credit worth 30% of the cost of switching to solar power. In addition to this tax break, switching to solar can lower a company’s operating costs and protect against energy price swings. Building owners may be able to claim a tax credit up to $5 per square foot to support energy-efficient improvements. And businesses that use trucks and vans generally can claim the Commercial Clean Vehicle Credit for up to 30% of the purchase prices of certain clean commercial vehicles. Contact us to learn more.