Carlson Capital Management

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How You Could Benefit From the Inflation Reduction Act of 2022

Kevin Koski – Carlson Capital Management
Kevin Koski, CPA

Principal Tax Advisor
651.319.8067
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Professional Biography
Kevin Koski serves as Principal Tax Advisor at Carlson Capital Management and with CCM Tax & Trust Administration, a commonly-held affiliate of Carlson Capital Management. Kevin works closely with the advisory team to deliver clients fully integrated wealth management services, lending his experience to proactive tax-related planning. As a senior member of the Tax Team, Kevin plays a lead role and helps to oversee the preparation, review, and completion of individual and trust tax returns and tax projections. Kevin participates in client meetings and serves as a tax resource for clients, both individually and collaboratively with other advisors, to develop customized recommendations.

Kevin came to CCM with strong expertise having worked with clients at a St. Paul CPA firm for 15 years. In his role there, Kevin provided leadership and direction for the firm’s tax services practice, and advised clients on income and estate tax matters. Kevin was also an advisor on general financial planning topics such as stock option analysis, charitable planning, and gifting strategies for high-net-worth individuals and families. Kevin is a member of the American Institute of Certified Public Accountants and the Minnesota Society of CPAs.

Kevin grew up in Virginia, Minnesota and is a graduate of the University of Minnesota-Duluth, where he earned his bachelor’s degree in accounting. Shortly following graduation, Kevin earned his Certified Public Accountant (CPA) status. Outside of work, Kevin has three children and enjoys volunteering as a coach and assistant with their athletic teams. Kevin and his family reside in South Minneapolis.

Kevin and other members of the CCM Tax Team regularly post articles of interest on tax planning topics which you can find here.

Kevin Koski
Kevin Koski, CPA
Principal Tax Advisor

It’s difficult to ignore inflation: the prices of everyday goods have soared in recent months and many investors are pausing to question large, discretionary purchases. To support individual taxpayers and bolster the U.S. economy, President Biden signed into law the Inflation Reduction Act of 2022.1  Here are some important highlights from which you could benefit.

Enhanced Premium Tax Credits

First enacted under the American Rescue Plan of 2021, an extension and enhancement of the premium tax credits for the purchase of health insurance in the marketplace is available through 2025. This makes the credit available to more taxpayers, including those with income above 400 percent of the poverty line, and increases the amount of the credits available to those who had already qualified. Visit healthcare.gov for the latest updates.

Electric Vehicle Credits

A federal tax credit for the purchase of electric vehicles (including plug-in hybrids and fuel cell vehicles) is extended through 2032. Modifications include the elimination of the cap system for specific manufacturers and requiring final vehicle assembly in North America. The maximum credit will remain at $7,500 for new vehicles. A new credit of up to $4,000 will be available for the purchase of used vehicles. The credit will now be subject to income limitations, along with maximum vehicle price limitations. Visit fueleconomy.gov for the latest updates on vehicles that qualify.

Residential Clean Energy Credit

The enhancement of the Residential Clean Energy Credit makes a tax credit available equal to 30% of the cost to install qualifying solar, wind, geothermal, biomass, or fuel cell systems to produce electricity, heat water, or control home temperatures through 2032. The credit percentage drops to 26% in 2033 and 22% in 2034. Visit energystar.gov for the latest updates on residential energy credits.

Energy Efficient Home Improvement Credit

Beginning in 2023, a tax credit equal to 30% of the project costs, subject to a $1,200 annual credit limitation, will be available for qualifying energy efficient home improvements, such as insulation, windows, doors, water heaters, heat pumps, central air conditioners, furnaces, hot water boilers, biomass stoves, and electric panels. The enhanced credit will replace the old credit, which remains in effect for 2022, and includes a $500 lifetime credit cap.

If you want to leverage one of the benefits outlined above or desire more information, connect with your CCM advisor to discuss. In addition, don’t forget to mention the Inflation Reduction Act credits you take advantage of when you partner with CCM Tax & Trust Administration to complete your upcoming tax returns.


  1. Sources for numbers and data cited throughout this summary can be found at: https://www.congress.gov/bill/117th-congress/house-bill/5376/text

NOTE: The information provided in this article is intended for clients of Carlson Capital Management. We recommend that individuals consult with a professional adviser familiar with their particular situation for advice concerning specific investment, accounting, tax, and legal matters before taking any action.
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Published October 17, 2022 Topics: Financial Planning, Inflation, Tax Planning

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