While the Inflation Reduction Act (IRA) includes tax incentives and rebate programs that should benefit the HVACR industry by promoting energy-efficient products, officials at two groups that represent contractors are wary of provisions they say could result in auditing hassles — and perhaps increased expenses — for their membership.
The $737 billion IRA grants approximately $80 billion in additional money, through September 2031, to the Internal Revenue Service, including more than $45.6 billion earmarked for increased enforcement. By comparison, the entire IRS budget for a single fiscal year, 2021, was just over $13.16 billion.