Inflation Relief Act 2024. The inflation reduction act was signed into law in 2022 and hasn't been updated to provide monthly subsidies to people earning below a certain income. This bill allows a refundable income tax credit for 10% of federal tax liability for a taxable year beginning in 2024.
The inflation reduction act doubled the refundable research and development tax credit for small businesses, raising it from $250,000 to $500,000. The child tax credit will be indexed to inflation, and the refundable portion of the tax credit will be incrementally increased for the years 2023, 2024, and 2025.