It exempts innovative activity, like investment---that’s up to trillions.
DOT ’22 [United States Department of the Treasury; November 3; National treasury and finance department of the United States; Department of the Treasury, “Treasury Seeks Public Input on Additional Clean Energy Tax Provisions of the Inflation Reduction Act,” https://home.treasury.gov/news/press-releases/jy1077]
These Notices are part of Treasury’s ongoing efforts to engage a broad spectrum of taxpayers and stakeholders to inform its work implementing the Inflation Reduction Act. Nearly three-quarters of the bill’s $369 billion climate change investment - $270 billion – is delivered through tax incentives, putting the Department at the forefront of this landmark legislation.
In addition to these Notices requesting public comment, the Department has also been hosting a with key stakeholder groups representing thousands of companies, millions of workers, and trillions of dollars in investment assets, as well as climate and environmental justice advocates, labor unions, community-based organizations, and other key actors that are critical to the success of the Inflation Reduction Act.