Exelon Corp. disclosed Wednesday that it lowered its estimate for the tax impact from the Inflation Reduction Act (IRA) that was recently signed into law to an increase of $200 million a year, starting in 2023. Earlier this month, the company had estimated that the enactment of the IRA, which implements a new 15% corporate minimum tax based on net income, would increase cash taxes for Exelon by $300 million a year. "Exelon is continuing to assess the impacts of the IRA on the financial statements and will update estimates based on guidance to be issued by the U.S. Treasury in the future," the Chicago-based utility said in a statement. The stock, which fell 0.6% in premarket trading, has rallied 13.4% year to date through Tuesday, while the SPDR Utilities Select Sector ETF has gained 8.4% and the S&P 500 s[: spx] has declined 9.7%.
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