Supporting Small Businesses
The Inflation Reduction Act reduces costs for Small Businesses by maintaining low healthcare costs, supporting energy-saving initiatives, and improving our supply chain resiliency to move goods across the country.
Lower Healthcare Costs
The Affordable Care Act (ACA) Marketplace is an important source of coverage for 2.6 million small business owners and self-employed adults. Under the law, 13 million Americans will save an average of $800 annually on health premiums and extend the American Rescue Plan’s premium tax credits through 2025.
These investments will help entrepreneurs start their own businesses without the risk of going uninsured and access to healthcare coverage.
Energy Savings
The Inflation Reduction Act will help small businesses save on their energy costs through a number of provisions including:
Small businesses can receive a tax credit that covers 30% of the cost of switching over to low-cost solar power.
Small business building owners can receive a tax credit of up to $5 per square foot to support energy efficiency improvements that ensure lower utility bills.
Small businesses that use large vehicles like trucks and vans will benefit from tax credits covering 30% of purchase costs for clean commercial vehicles, like electric and fuel cell models.
Learn more about eligibility and how to apply for the tax credits by clicking HERE.
Federal Funding Opportunities and Resources: