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We just issued our latest quarterly snapshot report showing how the IRS is spending its Inflation Reduction Act (IRA) money.
But first, here's a quick primer on that funding.
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Initial IRA funding: $79.4B (August 2022)
- Recission: $1.4B from the Fiscal Responsibility Act of 2023
- Recission: $20.2B the Further Consolidated Appropriations Act, 2024.
- Both recissions reduced the amount allocated to IRS's enforcement efforts.
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Current IRA funding: $57.8B (as of March 31, 2024).
What our latest snapshot found:
The IRS has spent $5.7B (10%) of its IRA funds as of March 31, 2024. Of that amount, approximately $1.3B was spent in the second quarter of Fiscal Year 2024 (January through March 2024).
Read the report or check out our interactive dashboard to dig into more details.
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