Income Taxes

9 Months Ended

Sep. 30, 2022

Income Taxes

Income Taxes

Note 12. Income Taxes

2022 Tax Law Updates

On August 16, 2022, the Inflation Reduction Act (“IRA”) was signed into law. The IRA contains two main tax provisions: a new corporate alternative minimum tax imposed on certain corporations and an excise tax imposed upon shares repurchased by certain publicly traded corporations. The provisions are effective for tax years beginning after December 31, 2022. The Company is evaluating the impact of these provisions on its condensed financial statements and expects that the adoption of this act will not have a material impact on its financial statements.