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This article explores the nature and impact of the IRA’s historic tax reform on U.S. clean energy markets, emphasizing its significance for businesses, American workers, the global community, and the climate. It begins with an overview of federal tax credits for clean energy, comparing German and American approaches to incentivizing clean energy investments. The article then details five key provisions of the IRA, including extensions of the ITC and PTC, creation of new credits, transferability of tax credits, prevailing wage and apprenticeship requirements, and additional tax credits for domestic content and siting. It further analyzes the IRA’s practical implications for investors, project developers, American workers, and everyday Americans, highlighting its potential to open the clean energy market to more projects and investors, enhance equity, improve market efficiency, and support American workers. Finally, the article considers the IRA’s global significance in terms of U.S. competitiveness and greenhouse gas reduction goals, concluding with reflections on the lasting legacy of the tax reform.

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