President Biden signed the Inflation Reduction Act (IRA) aimed at addressing the climate crisis, creating jobs, enhancing energy security, and reducing consumer costs. Since its enactment, substantial investments of nearly $500 billion have been made in America's clean energy economy, with a focus on benefiting lower-income communities. The Department of the Treasury has played a crucial role in implementing the IRA through issuing extensive guidance to ensure clarity for taxpayers. The implementation phases have targeted various aspects, from boosting American manufacturing to providing long-term certainty for clean energy projects. Phase Four is set to finalize rules for key provisions like the Clean Electricity Production Credit, Clean Hydrogen Production Credit, and Advanced Manufacturing Production Credit, aiming to accelerate the growth of renewable energy sources and emerging technologies. Notably, these initiatives are projected to significantly reduce carbon emissions, lower electricity costs, and increase clean electricity capacity in the coming years. The focus remains on supporting domestic production, job creation, and achieving sustainable economic and environmental goals through the IRA's tax policies.