fbpx
Wikipedia

Inflation Reduction Act

December 23, 2023

The Inflation Reduction Act of 2022 (IRA) is a landmark[1][2] United States federal law which aims to curb inflation by possibly reducing the federal government budget deficit, lowering prescription drug prices, and investing into domestic energy production while promoting clean energy. It was passed by the 117th United States Congress and signed into law by President Joe Biden on August 16, 2022.

Inflation Reduction Act of 2022
Long titleTo provide for reconciliation pursuant to title II of S. Con. Res. 14.
Acronyms (colloquial)IRA
Enacted bythe 117th United States Congress
EffectiveAugust 16, 2022
Citations
Public lawPub. L. 117–169 (text) (PDF)
Statutes at Large136 Stat. 1818
Legislative history
  • Introduced in the House as the "Build Back Better Act" (H.R. 5376) by John Yarmuth (D–KY) on September 27, 2021
  • Committee consideration by House Budget
  • Passed the House on November 19, 2021 (220–213)
  • Passed the Senate as the "Inflation Reduction Act of 2022" on August 7, 2022 (51–50) with amendment
  • House agreed to Senate amendment on August 12, 2022 (220–207)
  • Signed into law by President Joe Biden on August 16, 2022
Major amendments
Fiscal Responsibility Act of 2023

It is a budget reconciliation bill sponsored by Senators Chuck Schumer (D-NY) and Joe Manchin (D-WV).[3] The bill was the result of negotiations on the proposed Build Back Better Act, which was reduced and comprehensively reworked from its initial proposal after being opposed by Manchin.[4] It was introduced as an amendment to the Build Back Better Act and the legislative text was substituted. All Democrats in the Senate and House voted for the bill while all Republicans voted against it.[5][6]

According to the nonpartisan Congressional Budget Office (CBO) and Joint Committee on Taxation (JCT), the law will raise $738 billion from tax reform and prescription drug reform to lower prices, as well as authorize $891 billion in total spending – including $783 billion on energy and climate change, and three years of Affordable Care Act subsidies.[3][7][8] The law represents the largest investment into addressing climate change in United States history.[9] It also includes a large expansion and modernization effort for the Internal Revenue Service (IRS).[10][a] According to several independent analyses, the law is projected to reduce 2030 U.S. greenhouse gas emissions to 40% below 2005 levels.[11] The projected impact of the bill on inflation is disputed.

Background edit

See also: Build Back Better Act and Build Back Better Plan

The Build Back Better Plan was a legislative framework proposed by United States President Joe Biden between 2020 and 2021. Generally viewed as ambitious in size and scope, it sought to make the largest nationwide public investments in social, infrastructural, and environmental programs since the 1930s Great Depression-fighting policies of the New Deal.[12]

The plan was divided into three parts: one of them, the American Rescue Plan, a COVID-19 relief spending bill, was signed into law in March 2021.[13] The other two parts were reworked into different bills over the course of extensive negotiations within and among Congressional entities. The American Jobs Plan (AJP) was a proposal to address long-neglected infrastructure needs and reduce America's contributions to climate change's destructive effects;[14] the American Families Plan (AFP) was a proposal to fund a variety of social policy initiatives, some of which (e.g. paid family leave) had never before been enacted nationally in the U.S.[15]

The Build Back Better Act was a bill introduced in the 117th Congress to fulfill aspects of the Build Back Better Plan. It was spun off from the American Jobs Plan, alongside the Infrastructure Investment and Jobs Act, as a $3.5 trillion Democratic reconciliation package that included provisions related to climate change in the United States (centered around Senator Ron Wyden's technology-neutral, tax incentive-first approach)[16][17] and social policy, lowered to approximately $2.2 trillion. The bill was passed 220–213 by the House of Representatives on November 19, 2021.

In December 2021, amidst negotiations and parliamentary procedures, Senator Joe Manchin publicly pulled his support from the bill citing its cost and a too-aggressive transition to clean energy,[18] then retracted support for his own compromise legislation. This effectively killed the bill as it needed 50 senators to pass via reconciliation, and all 50 Republican senators opposed it.

In the summer of 2022, Manchin and Senate Majority Leader Chuck Schumer engaged in negotiations over a revised reconciliation bill with about $1 trillion in revenue from tax reform, $500 billion in climate and health care spending, and $500 billion in deficit reduction.[19] However, Manchin announced abruptly on July 14, 2022 that he wouldn't support new climate spending or tax reform due to his fear that the bill would worsen inflation.[20] He later stated that he would be open to revisiting those elements a few months later, provided that inflation slowed meaningfully.[21] Biden nonetheless conceded defeat on a climate bill, urging Congress to pass whatever Manchin would agree to (a slim, $280 billion health care bill that would acquire its revenue from allowing Medicare to negotiate prices and spend $40 billion on Affordable Care Act subsidies).[22][19]

Unbeknownst to nearly everyone in Washington, Manchin and Schumer reengaged in secret negotiations on July 18, 2022.[23] On July 27, hours after the Senate passed the CHIPS and Science Act,[3] the two men released a statement announcing the $891 billion Inflation Reduction Act of 2022, which included climate spending and tax reform.[24]

The sudden deal was widely regarded as a 'shocker' as Democrats had voiced that there was little hope for a revival of their climate and tax priorities in addition to Manchin himself being rather pessimistic on the prospect of an expanded bill in public.[25]

As the revised bill made its way through the chambers of Congress, the new reality of Biden unexpectedly having a clear path to enacting substantial portions of his domestic agenda into law led to a wide reevaluation of the success of the Biden presidency thus far and was expected to give the President and his party a boost in the 2022 midterm elections.[26][27][28]

Legislative history edit

 
President Joe Biden signing the bill into law in the State Dining Room of the White House on August 16, 2022. (L-R) Senator Joe Manchin (D-WV), Senate Majority Leader Chuck Schumer (D-NY), Rep. Jim Clyburn (D-SC), Rep. Frank Pallone (D-NJ), and Rep. Kathy Castor (D-FL).

The Build Back Better Act, which passed the House on September 27, 2021, was used by the Senate as the legislative vehicle for this legislation. On August 6, 2022 Senate Majority Leader Chuck Schumer proposed an amendment which would replace the text of the previously passed bill with the text of the Inflation Reduction Act of 2022. This substitute amendment was later adopted.[29]

Schumer's lead staffer, Gerry Petrella, recalls the surprise phone call came from Manchin's office just prior to the August recess and the breakthrough negotiations occurred on the final summer weekend.[30]

On August 7, 2022, following the vote-a-rama, an unlimited marathon voting session on amendments, that lasted nearly 16 hours, the Senate passed the bill (as amended) on a 51–50 vote, with all Democrats voting in favor, all Republicans voting against, and Vice President Kamala Harris breaking the tie.[5] On August 12, 2022, the bill was passed by the House on a 220–207 vote, with all Democrats voting in favor and all Republicans voting against it.[6] On August 16, 2022, the bill was signed into law by President Joe Biden.[31]

Provisions edit

Over a period of 10 years, the law is estimated to raise revenue from:[32][33][34]

  • Prescription drug price reform to lower prices, including Medicare negotiation of drug prices for certain drugs (starting at 10 new ones per year by 2026, increasing to more than 20 additional ones per year[35] by 2029)[36][37] and rebates from drug makers who price gouge – $281 billion[7][36][37]
  • Imposing a selective 15% corporate minimum tax rate for companies with higher than $1 billion of annual financial statement income – $222 billion
  • Increased tax enforcement – $181 billion[7][38]
  • Imposing a 1% excise tax on stock buybacks – $74 billion
  • 2-year extension of the limitation on excess business losses – $53 billion[7]

In the same time period, it would spend this revenue on:[32][39]

$663 billion of the law's climate action investments are embedded in the federal tax code.[41][8] As part of the overall investment into clean energy, the law created a green bank,[42][43][44] extended the solar investment tax credit for 10 years[45] and invested $30 billion in nuclear power. It also invests $12 billion in electric vehicle incentives, $14 billion in home energy efficiency upgrades, $22 billion in home energy supply improvements, and $37 billion in advanced manufacturing.[46][32] (The latter amount includes $5.46 billion for a DOE program for zero-emissions industrial tech demonstrations,[47][48] $10 billion for the renewed 48C tax credit, and more than $5 billion to the USDOT and GSA to lower embedded emissions in procurement.[49]) $19.5 billion goes to investments in climate-smart agriculture, more than $5 billion goes to revising remediation programs for those affected by discriminatory USDA lending practices, $5 billion goes to forest protection and urban heat island reductions, and nearly $3 billion goes to coastal habitat protection.[50][51][52]

Alternatively, the Act's climate investments can be summarized as follows: $220–372 billion in energy, $67–183 billion in manufacturing, $28–48 billion in building retrofits and energy efficiency, $33–436 billion in transportation, $22–26 billion in environmental justice, land use, air pollution reduction and/or resilience, and $3–21 billion in agriculture.[53][54][55][56][57]

The law contains provisions that cap insulin costs at $35/month and will cap out-of-pocket drug costs at $2,000 for people on Medicare, among other provisions.[32][36][37]

Several provisions in the initial deal between Schumer and Manchin were changed after negotiations with Senator Sinema: a provision narrowing the carried interest loophole was dropped, a 1% excise tax on stock buybacks was added, manufacturing exceptions were added to the corporate minimum tax, and funding for drought relief for western states was added.[58][59][60]

Projected impacts edit

Economic edit

 
Inflation Reduction Act summary graphic from the White House

The CBO estimated that the Act would have no statistically significant effect on inflation.[61] The Penn Wharton Budget Model also estimated that the Act would have no statistically significant effect on inflation, and initially projected that it would reduce cumulative deficits by $264 billion.[62] Its second analysis, with a higher projection of total spending, does not include deficit reduction.[55]

The nonpartisan Committee for a Responsible Federal Budget analyzed the Act and concluded that the "deficit reduction, along with other elements of the bill, is likely to reduce inflationary pressures and thus reduce the risk of a possible recession."[63] It further estimates that the Act would reduce the federal deficit by $1.9 trillion over a 20-year period. This figure includes the resulting savings on interest payments.[64]

The World Economic Forum, a Swiss business lobbying non-profit,[65] states "…in the medium to long-term, the impact of the IRA is likely to be deflationary" and cites a prediction by the University of Massachusetts that the law will generate 912,000 jobs per year.[66]

The Tax Foundation, a fiscally conservative think tank, stated that the Act "may actually worsen inflation by constraining the productive capacity of the economy." It estimated the Act would result in a loss of 29,000 full-time equivalent jobs and a 0.2% reduction in GDP, while resulting in $324 billion of additional revenues, which would go towards deficit reduction.[67]

Modeling by the Energy Innovation group, a nonpartisan energy and climate think tank, estimated that this bill would lead to the creation of 1.4 million to 1.5 million additional jobs and increase the GDP 0.84–0.88% by 2030.[68]

The climate think tank Rocky Mountain Institute estimated that if businesses and consumers take sufficient advantage of the Act's provisions to meet national climate goals, Texas would see investments of $131 billion creating 116,000 jobs, California would see $117 billion creating 140,000 jobs, Florida $62 billion creating 85,000 jobs and Illinois $38 billion creating 42,000 jobs.[69] The same analysis notes that the states seeing the four largest per capita investments from the Act, ranging between roughly $7,000 and $12,000, would be Wyoming, North Dakota, West Virginia, and Louisiana, all Republican-leaning states.[69][70]

Energy and climate change edit

The Inflation Reduction Act is the largest piece of federal legislation ever to address climate change.[71] According to the CBO and JCT, it will invest $783 billion in provisions relating to energy security and climate change.[7][8] This includes $663 billion in tax incentives,[8] and $27 billion for a green bank created by amending the Clean Air Act.[72][73][42] However, other forecasts differ from the CBO's and JCT's reports. A report by Credit Suisse projects that the total climate spending in the Act would be $800 billion,[56][57][74] Goldman Sachs predicts a total of $1.2 trillion, the Penn Wharton Budget Model predicts $1.045 trillion, and an analysis by the Brookings Institution finds a central case of $902 billion.[75][55][76]

The summary provided by Senate Democrats identifies primary goals as driving down consumer energy costs, increasing energy security, and reducing greenhouse gas emissions, with an emphasis on neutral treatment of technology choice for the energy tax credits, as described by Ron Wyden.[16][17] According to science communicator Hank Green, the largest allocation areas are: $128 billion for renewable energy and grid energy storage, $30 billion for nuclear power, $12 billion for electric vehicle incentives, $14 billion for home energy efficiency upgrades, $22 billion for home energy supply improvements, and $37 billion for advanced manufacturing.[46] (The latter amount includes $5.46 billion for a DOE program for zero-emissions industrial tech demonstrations,[47][48] $10 billion for the renewed 48C tax credit, and more than $5 billion to the USDOT and GSA to lower embedded emissions in procurement.[49]) An assortment of additional measures includes $32 billion for investments in rural economies, racial justice in farming, forestlands and coastal habitats, $3 billion in tax incentives for installing carbon capture and storage at existing power plants, $3 billion to electrify the USPS fleet, $3 billion to reconnect neighborhoods harmed by infrastructure potentially via freeway removal, investments in sustainable aviation fuel, grants for high voltage electric power transmission and decarbonization of port equipment, garbage trucks, school buses and local government fleets, and purchases of rural electric cooperative debt alongside other assistance to cooperatives.[77][50][46][51][78]

Climate scientist Miriam Nielsen's alternative summary of the Act's climate provisions, using much broader categories and rough estimates from Ben Beachy of the BlueGreen Alliance,[53] is as follows: $220 billion in energy, $67 billion in manufacturing, $48 billion in building retrofits and energy efficiency, $33 billion in transportation, $26 billion in environmental justice, land use and resilience, and $21 billion in agriculture.[54] Wharton's estimates, however, yield $372 billion in energy, $183 billion in manufacturing, $28 billion in building retrofits and energy efficiency, $436 billion in transportation, $22 billion in air pollution reduction, and $3 billion in agriculture.[55] Credit Suisse projects at least $250 billion in advanced manufacturing tax credits and $326 billion in energy tax credits will be used.[56][57]

The Act aims to decrease residential energy costs by focusing on improvements to home energy efficiency. Measures include $9 billion in home energy rebate programs that focus on improving access to energy efficient technologies, and 10 years of consumer tax credits for the use of heat pumps, rooftop solar, and high-efficiency electric heating, ventilation, air conditioning and water heating. The Act extends the $7,500 Section 30D tax credit[79] for the purchase of new electric vehicles while also providing a $4,000 tax credit toward the purchase of used electric vehicles, in an effort to increase low- and middle-income access to this technology.[80] This is projected to lead to an average of $500 in savings on energy spending for every family that receives the maximal benefit of these incentives.[81] The Act includes a 30% tax credit ($1,200 to $2,000 per year) and different types of rebates (reaching $14,000) for homeowners who will increase the energy efficiency of their house. In some cases, all upgrade expenses will be returned.[82]

The Act changes the Section 45V tax credit to offer increased percentages to green hydrogen and pink hydrogen producers for each kilogram produced via electrolysis of water, allowing 100 percent coverage for very low-carbon methods, thus potentially enabling more than $100 billion[56] in forgone revenue to go toward building the hydrogen economy. On December 22, 2023, the Treasury Department released its proposed guidance on eligibility. It mandates that most of these electrolyzers must be placed near new clean energy production sites (the principles of "geographic correlation"/"deliverability" and "additionality"/"new supply"), and run at the same time as peak supply periods (the principle of "hourly matching").[83][84][85][86][87][88]

The Act allocates $3 billion for helping disadvantaged communities with transportation matters, including reconnecting communities separated by transport infrastructure, assuring safe and affordable transportation "and community engagement activities".[80] This should improve transit-oriented development.[89] Projects improving connectivity and walkability in these neighborhoods can get grants reaching 80–100% of the overall cost.[90] The Act also supports biking.[91]

There are also funds allocated to national clean energy production. This includes the continuation of the production tax credit ($30 billion) and investment tax credit ($10 billion) toward clean energy manufacturing, including solar power, wind power, and grid energy storage. Modifications to these credits effectively allow the federal government to predictably and directly pay utility cooperatives and publicly-owned utilities without them needing to attract investment firms, in a manner similar to the Earned Income Tax Credit.[92] Some $14 billion of the clean energy package will go to rural areas, and include building biofuel infrastructure.[80][78] This includes $9.5 billion for a new grant program called Empowering Rural America, with cooperatives encouraged to apply during a window from July 31 to September 15, 2023.[93]

The Act also provides funds toward the decarbonization of the economy in other areas, providing various tax credits and grants and loans toward decarbonizing the industrial and transportation sectors. One $27 billion competitive grant program is a green bank called the Greenhouse Gas Reduction Fund, intended to capitalize smaller regional green banks.[94] The Act established it by amending the Clean Air Act. The Fund will award $14 billion to a select few green banks nationwide for a broad variety of decarbonization investments, $6 billion to green banks in low-income and historically disadvantaged communities for similar investments, and $7 billion to state and local energy funds for decentralized solar power in communities with no financing alternatives.[72][73][42][43][44] The EPA set the deadline to apply for the first two award initiatives for October 12, 2023[95] and the Solar for All initiative for September 26, 2023.[96] The grant package also includes a program to reduce methane emissions from production and transportation of natural gas. The Act also provides for a focus on communities and environmental justice by providing several grants targeting historically marginalized and disadvantaged communities that have been disproportionally impacted by environmental pollution and climate change.[80]

The Act also allocates funds for rural communities, racial and economic justice in farming, marine ecosystems and forestland, including $19.5 billion to invest in climate-smart agriculture (split into $8.45 billion for the Environmental Quality Incentives Program, $4.95 billion for the Regional Conservation Partnership Program, $3.25 billion for the Conservation Stewardship Program, and $1.40 billion for the Agricultural Conservation Easement Program, $1 billion for conservation technical assistance, $300 million for a carbon sequestration and emission inventory program, and $100 million in administrative expenses), $5 billion to invest in forest conservation and urban tree planting (split into $2.15 billion for the National Forest System and $2.75 billion for other forests including in urban areas), $3.1 billion to help farmers with high-risk operations caused by USDA-backed loans, $2.6 billion to protect and restore coastal habitats, and $2.2 billion to redress proven claims from socially disadvantaged farmers and ranchers of discrimination by the USDA's lending programs, as well as "$125 million for technical assistance, outreach, and mediation; $250 million for land loss assistance, such as heirs' property and fractionated land; $250 million for agricultural education emphasizing scholarships and career development at historically Black, tribal, and Hispanic colleges; and $10 million for equity commissions at USDA".[52][80][50][78][51]

The Act should cut the global greenhouse gas emissions by a level similar to "eliminating the annual planet-warming pollution of France and Germany combined" and may help to limit the warming of the planet to 1.5 degrees Celsius - the target of the Paris Agreement.[97][98] With the Act and additional federal and state measures, the USA can fulfill its pledge in the Paris Agreement: 50% greenhouse gas emissions reductions by the year 2030.[99][100][101]

An assessment by the Rhodium Group, an independent research firm, estimated it would reduce national greenhouse gas emissions 32–42% below 2005 levels by 2030, compared to 24–35% under current policy while reducing household energy costs and improving energy security.[99] Furthermore, Rhodium Group projects that the nuclear provisions in the Act are likely to "keep much, if not all" of the nation's nuclear reactors that are at risk of retiring, estimated to be 22–38% of the fleet, online through the 2030s.[102]

A preliminary analysis by the REPEAT Project of Princeton University estimated that the investments made by the law would reduce net emissions 42% below 2005 levels, compared to 27% under current policies (including the Infrastructure Investment and Jobs Act).[103][104]

The Energy Innovation group estimated the reduction of greenhouse gas emissions at 37–41% below 2005 levels in 2030, compared to 24% without the Act.[105][106] This estimate of the greenhouse gas emission reduction lines up with the figure provided by the Act's authors which is a 40% reduction in carbon emissions relative to 2005 levels.[107]

Modeling from the nonpartisan research institution Resources for the Future indicates the Act would decrease retail power costs by 5.2–6.7% over a ten-year period, resulting in savings of $170–220 per year for the average U.S. household. The modeling also predicts that the Act would tend to stabilize electricity prices.[108][109] The Act would help foster a tripling in the size of the American solar power industry and provide unprecedented investment security, according to a September 2022 report by the trade group Solar Energy Industries Association.[110]

In reaction to the Supreme Court case West Virginia v. EPA, which limited the EPA's authority to institute a program such as the Obama-era Clean Power Plan, Title VI of the IRA amended the Clean Air Act to explicitly designate carbon dioxide, hydrofluorocarbons, methane, nitrous oxide, perfluorocarbons, and sulfur hexafluoride as air pollutants to unambiguously provide the EPA congressional authorization to regulate carbon dioxide and other greenhouse gases, as well as to promote renewable energy.[111][112]

Drug prices edit

One of the most consequential aspects of this act is the increased negotiating power granted to Medicare. Before the enactment of the Inflation Reduction Act, Medicare was notably restricted in its ability to negotiate drug prices directly with pharmaceutical companies. This limitation often resulted in higher costs for both the program and its beneficiaries. With the new rule, Medicare now engages directly with drug manufacturers, aiming to secure more favorable pricing agreements. This development has the potential to significantly alter the landscape of drug pricing, especially for high-cost medications under Medicare Part D. [113]The Congressional Budget Office projects the Medicare drug price negotiations will save the government $98.5 billion over the next decade.[63][114] The savings will be used to increase Medicare Part D benefits.[35][115][116] Together, these drugs amounted to more than $45 billion in Medicare Part D spending from June 2022 to May 2023.[117]

In September of 2023, Medicare announced the first 10 drugs selected for negotiations under the agency's drug price negotiation program. This list includes treatments for:

Taxes and distributional impact edit

 
U.S. Treasury Department estimates of unpaid taxes indicate that over half of all unpaid taxes are attributable to the top 5% of earners.[119]

Excerpts from the nonpartisan JCT indicated that the legislation might lead to increased payments on personal taxes for Americans of all incomes (an increase in $16.7 billion for taxpayers earning less than $200,000 a year, $14.1 billion for taxpayers earning between $200,000 and $500,000, and $23.5 billion for taxpayers earning over $500,000). This calculation was based on the assumption that companies would indirectly pass on parts of the minimum corporate tax to employees, an assumption that was criticized by Steven M. Rosenthal, a senior fellow at the nonpartisan Tax Policy Center (TPC).[120] Economist William G. Gale, who is also co-director of the TPC, comments that it is important to consider that the calculations by the JCT did not take into account the provisions in the Act that would extend premium tax credits for health plans for low- and middle-income taxpayers, provide households with tax credits for making their property more energy-efficient, and lower the price of prescription drugs.[121]

The Tax Policy Center estimated that the bottom 80% tax filers by income would receive a net benefit, if ACA premium tax credits (subsidies) are included. The 80th-99th percentile would incur a small cost (0-0.1% increase in average federal tax rate) while the top 1% would incur a 0.2% increase. The costs mainly are imposed indirectly as corporations facing higher taxes may reduce the wage increases or levels for workers; individual tax rates were not changed.[122]

Implementation and results edit

Economy edit

Research from climate policy analyst Jack Conness has revealed that $98 billion worth of 143 climate-friendly tech manufacturing investments within the United States, have been announced by companies since the passage of the Inflation Reduction Act, creating 80,200 projected jobs as of December 20, 2023; when considered together with CHIPS Act investments, the total comes out to 171 projects worth $255 billion creating 105,600 jobs.[123][124][84][125][48][126]

Citing Conness' research up to her reporting date, Nichola Groom of Reuters noted on March 7, 2023 that $43.5 billion of these investments will be in right-to-work law states that allow laborers to not join a labor union in a represented workplace, in contravention of Biden's policy theme of supporting the labor movement.[127] Conness found that due to the Act's incentives, North Carolina would receive the individual project creating the most jobs ($12.6 billion from Toyota in battery plants), while Georgia would host the most projects (23), the most new jobs overall (13,419), the second most jobs created by an individual project (3,350), and the largest dollar amount in overall investments ($15.5 billion, followed by North Carolina's $13.7 billion), and South Carolina would receive the individual project with the most jobs created (4,000). More of the Act's investments in dollars went to counties with majorities that voted for Donald Trump in 2020 ($68,958,150,000) than for Biden ($27,931,050,000). 74 percent of the Act's investments were in batteries, while electric vehicle and solar investments each made up 11 percent.[123][128][129]

In a November 2023 report the interest group Environmental Entrepreneurs and the research firm BW found 210 announced projects directly linked to the Inflation Reduction Act, in the first year since its signing. They stated that the projects would create nearly 403,000 jobs, more than 100,000 of which would be permanent.[130] According to editor in chief Jeff St. John of Canary Media, "During the projects’ construction phases, assumed to last five years from project announcement to completion, the report estimates the creation of 142,300 direct jobs, 55,900 indirect jobs and 105,300 jobs induced by the direct and indirect workers spending their wages." More than 185,000 of these jobs would be in electric vehicles, 48,795 would be in battery storage, 42,100 would be in solar and wind power, 21,322 would be in clean fuels, and nearly 5,600 would be in electric power transmission and distribution.[131] The authors project that the Act would bring about "$156 billion added to U.S. GDP, $111 billion in new wages for workers, and more than $32 billion generated in tax revenue for federal, state, and local governments."[130]

Wellesley College professor of environmental studies Jay Turner said that as of September 23, 2023 the Act fostered $58.4 billion in 67 new investments in the electric vehicle supply chain, creating a projected 42,195 new jobs across the United States, Canada and Mexico.[132]

The League of Conservation Voters-, Center for American Progress-, and Sierra Club-affiliated research firm Climate Power estimated that the Act spurred $89.5 billion of investments in over 90 new projects creating 101,036 predicted clean energy-related jobs in 31 states, between August 16, 2022 and January 31, 2023, and that while Georgia, Michigan, and Texas saw eight new IRA-linked projects each, the most of any states, Georgia, Idaho and Tennessee would see the largest overall investments by dollar amount (ranging from $10.4 billion to $15.3 billion), and Kansas, Georgia and Tennessee would see the most jobs created.[133][134]

In August 2023, the Solar Energy Industries Association reported that the Act had created more than 20,000 jobs and incentivized $20 billion in new solar power tech manufacturing and 155 gigawatts of generating capacity in the law's first year, and projected it would incentivize $144 billion more in such investments by 2033 than under a no-Act scenario.[135]

The trade group American Clean Power's January 2023 assessment of business announcements of IRA-linked investments in renewables and battery plants, during the period between the Act's signing and November 30, 2022, yielded a figure of over $40 billion creating 6,850 jobs. 80 percent of these investments are in Republican-held districts, mostly in the Great Plains or South.[70][136] Its August 2023 update recorded a total of 97 manufacturing investments worth $270 billion spurred by the Act between the August 16 enactment date and July 31, 2023, 83 with defined locations, with the majority of these being solar power tech plants. American Clean Power estimates these investments are worth more than all those made in the previous eight years combined, and will create 29,780 new jobs and $4.5 billion in customer savings.[137]

According to the New Democrat-linked think tank Center for American Progress, the Act, the CHIPS and Science Act, and the Infrastructure Investment and Jobs Act have together catalyzed over 35,000 public and private investments.[138] The Biden administration itself claimed that as of December 22, 2023, the IIJA, CaSA, and IRA together catalyzed over $640 billion in private investment (including $234 billion in electronics and semiconductors, $157 billion in electric vehicles and batteries, $133 billion in clean power and $75 billion in the clean energy industry) and over $425.3 billion in public infrastructure spending (including $37.3 billion in energy aside from tax credits in the IRA).[139]

Environment edit

According to Rhodium Group and the World Economic Forum, in the first year of implementation, the Act had a significant impact on the environment. The Rhodium Group's expectations for GHG emissions reductions by the year 2030, relative to the level of 2005, moved from 17%-30% to 29%-42%, and to a 32%-51% decline by the year 2035. More than 170,000 green jobs were created. The sales of heat pumps exceeded the sales of gas boilers for the first time in history. 15% of households now use a heat pump as a primary source of heating. The United States Environmental Protection Agency used dozens of millions of dollars to improve air quality and hundreds of millions for environmental justice and local climate plans. The National Oceanic and Atmospheric Administration spent hundreds of millions for protecting coastal communities and ecosystems from the impact of climate change. More than $1 billion is allocated to equitable access to urban trees.[140][141][142]

The law significantly enlarged the tax credit market. It includes significant tax credits for companies making products considered environmentally-friendly, but small companies tend not to pay enough taxes, so the law doesn't help them. The law allows such companies to sell their tax credits to larger companies. The market is expected to reach $80 billion per year and help those large companies.[143]

The governors of four states, Florida, South Dakota, Iowa, and Kentucky, refused to accept decarbonization grants from the Act. The Act allows the forfeited money, $3 million per state, to go to the three largest metropolitan areas in each state instead, though cities such as Davenport, Iowa and Sioux Falls, South Dakota have still refused the money.[144][145]

Energy efficiency edit

Significant improvements were achieved in the domain of green building through the installation of efficient heating, ventilation, and air conditioning systems, and more.[146]

For the first $8.5 billion in home rebate programs, the Department of Energy released its first draft guidance for states on July 27, 2023. The guidance entails the DOE distributing $4.3 billion to states to work with the DOE to create rebate programs for whole-home upgrades and $4.28 billion to states for appliance replacement rebates, with the suggestion that half the money go to households below 80 percent of area median income.[147][148]

Ecosystems edit

In 2023 an agreement between seven states (Arizona, California, Colorado, Nevada, New Mexico, Utah, and Wyoming)[149] was achieved, aiming to preserve the Colorado River water system from collapse due to poor management and climate change. The United States is heavily dependent on the river for power generation, drinking water, agriculture, wildlands restoration, and native cultural practices. Some states will reduce water use, receiving $1.2 billion in compensation for it from the federal government. Many other projects for preserving the river such as water recycling and rainwater harvesting are being advanced. The funding comes from the Infrastructure Investment and Jobs Act and the Inflation Reduction Act.[150][151]

According to a Biden administration statement, in the first year of implementation, around $2 billion was allocated to protect and restore land and marine ecosystems, including National Parks and the National Wildlife Refuge System.[152] $150 million was given to small and underserved forest owners, and intended to link them to climate markets, providing incentives to conserve the forests.[153]

In November 2023, the Biden administration announced it would provide the National Parks System $166 million for ecosystem resilience and environmental planning.[154]

Sustainable agriculture edit

From October 2022 to September 2023 more than $850 million dollars was given by the Natural Resources Conservation Service to its Environmental Quality Incentives Program, Conservation Stewardship Program, Regional Conservation Partnership Program and Agricultural Conservation Easement Program to advance sustainable agriculture.[155]

Environmental justice edit

In October 2023 the United States Environmental Protection Agency allocated $128 million to 186 projects linked to environmental justice. $104 million comes from the Inflation Reduction Act. The projects are designed to solve pollution and climate-related disasters in underserved communities. The projects include creating parks for addressing floods, protecting Duck Valley Indian Reservation natural and cultural resources, teaching children about repairing[clarification needed] and more.[156] The full list of projects with short descriptions has been published.[157][158]

In November 2023, the Biden administration announced the Department of the Interior would be spending $20 million to establish the Kapapahuliau Climate Resilience Program, named for the process of navigating through rough seas and winds, to the Native Hawaiian community for climate adaptation and resilience. The deadline to apply for program award grants is February 29, 2024.[154][159] It also announced the EPA would spend $2 billion on its new Community Change Grants Program [160] for partnerships between local nonprofits, governments and indigenous tribes, and colleges and universities to “deploy clean energy, strengthen climate resilience, and build community capacity to respond to environmental and climate justice challenges”. [154]

Drug prices edit

The Biden administration announced the first ten drugs to have their prices negotiated in 2026 by Medicare on August 29, 2023. They are Eliquis, Jardiance, Xarelto, Januvia, Farxiga, Entresto, Enbrel, Imbruvica, Stelara, and Fiasp and NovoLog. The list selection, made by the Centers for Medicare & Medicaid Services, was based on whether these drugs lacked competition, how much they cost Medicare, and how long they have been on the market.[114][118] The manufacturers, Bristol Myers Squibb, Boehringer Ingelheim, Janssen Pharmaceuticals, Merck, AstraZeneca, Novartis, Immunex, Pharmacyclics, and Novo Nordisk, had until October 1, 2023 to declare their intent to participate, upon penalty of a large excise tax, or they would withdraw their drugs from Medicaid and Medicare.[114] The Biden administration announced two days later that all companies had agreed to the negotiations.[161]

The Medicare drug price negotiation provisions are facing eight protest lawsuits filed by drug manufacturers and the U.S. Chamber of Commerce, variously claiming that the federal government is violating the First, Fifth, and Eighth Amendments to the Constitution, which deal with freedom of speech, just compensation for takings, and excessive fines.[117][162] Larry Gostin, a public health and legal scholar, told The New York Times that he does not expect the provisions to be upheld by the Supreme Court of the United States.[114][163][162] A "second wave" of lawsuits, likely focusing on the price negotiations' bureaucratic process, is expected in the coming weeks, according to Stephen Ubl, CEO of the pharmaceutical industry lobbying group PhRMA.[164] Some legal commentators speculate the cases are intended to produce a variety of rulings across the federal courts, making it more likely for the Supreme Court to hear them.[165] While the healthcare investors' consulting firm Avalere claimed in July 2022 that $455 billion in revenue would be lost by drug manufacturers[166] and the trade group Vital Transformation claimed 139 fewer new drugs would be approved over the next decade due to the Act,[167] the Congressional Budget Office projects only one fewer drug will be approved than without the Act over the next decade, five fewer over the succeeding decade, and seven fewer over the decade after that.[163][35]

Taxation edit

Treasury Secretary Janet Yellen directed IRS Commissioner Charles Rettig to not use the new funding allocated in the Act to increase the rate of audits of those making less than $400,000 a year above historical levels, but to instead focus on "high-end noncompliance".[168] A Treasury report indicated that half of the funding would be allocated to preventing tax evasion from large corporations and wealthy individuals.[169]

The Treasury and Internal Revenue Service published guidance on eligibility for electric vehicle owners to claim tax credits worth between $3,500 and $7,500, including outlining a requirement for the vehicle to have a final assembly in North America. The Department of Energy and the Department of Transportation also published resources identifying vehicles that will likely meet all requirements for tax credit.[170][171] The Department of Energy indicated that their list of eligible vehicles is not a guarantee for credit, and states that the Vehicle Identification Number (VIN) will give full manufacturing details and locations.[172] Those qualified will receive the tax credits, known as the Clean Vehicle Credit, previously called the Qualified Plug-In Electric Drive Motor Vehicle Credit. The US Treasury Department has also stated that owners who purchase eligible vehicles previous to August 16, 2022, but did not possess the vehicle until after that date, also qualify for the Clean Vehicle Credit.[173] However, because of the requirement that qualified EVs must have half or more of its battery materials built in the US[174] and "at least 40 percent of materials sourced from North America or a US trading partner by 2024" (with this minimum percentage meant to increase each year)[174] and the batteries cannot contain minerals that "were extracted, processed, or recycled by a foreign entity of concern", most currently available EVs on the market will not qualify for the tax credits.[175][176] The Treasury released its next draft guidance for EV buyers on March 31, 2023, effective immediately, with finalization expected in June; the allowed materials source list includes the 20 United States free-trade agreements partners and Japan.[174]

Additional tax credits were presented in the Act for energy efficiency in buildings, expanding current incentives in a tier-based system beginning in 2023.[177] The Act specifies that commercial buildings must update efficiency by 25%, compared to a reference building, to qualify for $0.50 per square foot of tax credit for the first tier, increasing to a maximum of $5.00 per square foot for the final tier. The tax credits also extends to single and multi-family housing, requiring 50% less annual energy consumption compared to similar units.[171] Vincent Barnes, a senior vice president from Alliance to Save Energy in Washington, D.C, stated that these policies were meant to reduce energy costs and demand on the power grid.[178]

The Treasury Department also clarified on May 12, 2023, that in order to be eligible for select tax credits, solar panel manufacturers and installers need to source at least 40 percent of their components in total from within the U.S., regardless of solar cell origin, thereby creating a compromise between solar panel installers who favored keeping Chinese imports cheap and domestic solar cell manufacturers who want to build more factories in America.[179]

Per state edit

Florida edit

The state received $3.75 million for urban forests and nature conservation, $209,000 for fighting pollution, and $78.7 million to protect the state from climate change impacts (the third amount is from the Infrastructure Investment and Jobs Act and the Inflation Reduction Act combined).

However, the governor, Ron DeSantis, refused to accept $346 million for rebates to homeowners who will want to retrofit their houses for energy efficiency, $3 million to fight pollution, a program for helping low income people buy solar panels as well as $24 million from the Infrastructure Investment and Jobs Act for improving sewage systems in rural areas.[180] DeSantis later reversed course and attempted to reclaim some of the rejected home energy rebate funds.[181]

The money can go to local cities and authorities. Three cities in Florida accepted some amounts. Other states want to take the money forfeited by Florida for themselves, namely Rhode Island and Kentucky.[182]

The funds for the rebates were requested by the Florida state energy office and the legislature, but DeSantis vetoed them. He is the only governor who did so. The program was intended to help people to lower their energy bills and create jobs. Half of the money would have gone to low-income households.[182] Making a house more energy efficient can cut utility bills by 25% for an average family in Florida.[183] Part of the money would have gone to weatherization of houses.[184]

Texas edit

Some aspects of the law are the same as in other states, while some are specific to Texas. Considerable tax credits and tax rebates are afforded. House weatherization, solar energy, electric vehicles, are advanced. House weatherization can save around $283 per year for an average family in Texas, while raising the value of the property and reducing air pollution in the same time. Some improvements can be made for free to low income households. The cost of an energy audit is reduced by 30% and some can even get it for free.[185]

A third of Texas households can get a 100% rebate for installing a heat pump (generally costing US$8,000).[186] Forest protection is advanced, and farms that adopt climate-friendly practices get economic incentives.[187]

Reactions edit

Senator Joe Manchin (D-WV) issued a statement for his support of the bill.[188] President Joe Biden also stated his support for the proposed bill.[189] On August 4, Senator Kyrsten Sinema (D-AZ) issued a statement indicating that she would support the bill after striking a deal with fellow Democrats to change several tax provisions.[190]

Congressional Republicans have voiced unanimous opposition to the bill, claiming the legislation would do little to combat inflation, or would exacerbate it. Senate Minority Leader Mitch McConnell (R-KY) denounced the legislation as "reckless spending" and Ranking Member of the Senate Budget Committee Lindsey Graham (R-SC) called it "insanity".

In a letter sent to congressional leadership and touted by Senate Democrats, 126 economists including Robert Rubin, Jack Lew, Jason Furman, Lawrence Summers, Mark Zandi, and Joseph Stiglitz, wrote that the bill is more than fully paid for, lowers prices for consumers and will lower inflation.[191][192]

In a letter sent to congressional leadership, 230 economists including Vernon Smith, Robert Heller, Kevin Hassett, Jim Miller, and Larry Kudlow, wrote that the bill will increase prices for consumers and will increase inflation.[193][194]

Tom Philpott, an agriculture journalist writing in Wired, praised the bill's investments in climate-smart agriculture and remedies for USDA loan discrimination, but heavily criticized Sinema's deletion of the carried interest loophole modification and the lack of provisions to expand funding for the National School Lunch Act and improvements to child nutrition (as expressed in the original Build Back Better Act) and for soil erosion prevention programs (which enhance small-scale carbon farming and encourage a shift away from monoculture-dependent farming for ethanol fuel in the United States).[51]

Anna McGinn of the think tank Environmental and Energy Study Institute praised the Act for helping the U.S. meet its commitments to the Paris Agreement, but criticized the Act for lacking commitments to loss and damage and other forms of climate-related foreign aid as well as to creating a cohesive national climate strategy.[100] The International Monetary Fund, in its analysis of the Act, cautioned that it could expose the U.S. to the beginnings of trade war, but if implemented deftly, the Act could strengthen diplomacy with Europe and help create special rules to advance the trade of clean energy.[195] Commentators at the Center for Strategic International Studies and in The Diplomat, along with United States Trade Representative Katherine Tai, have acknowledged increased economic competition with China as one of many motivators behind the Act.[196][197][198]

Climate activists Miriam Nielsen, Raya Salter and Heather Tanana examined the Act's effects eight months after passage, and raised questions on whether the Act would provide tax credits and grants equitably, mentioning the home energy upgrade grants and the Biden administration's Justice40 Initiative for racial justice, whether the Act would disproportionately help larger environmental groups with more resources rather than smaller ones, and how it would implement $4 billion in Western drought resilience grants and make accessing them easier.[199]

Public organizations edit

Darren Woods, the CEO of oil and gas energy giant ExxonMobil, called the bill "a step in the right direction" and endorsed its provisions related to oil and gas.[200] Multiple coal industry groups, including the West Virginia Coal Association, criticized the bill for "[obviating] any need to innovate coal assets" and doing "nothing for coal or coal generation".[201]

Many mainstream environmental organizations supported the bill, such as the Nature Conservancy, the National Wildlife Federation, and American Forests.[202][203] The director of North America policy for the Nature Conservancy, Tom Cors, called the legislation "historic", while Aviva Glaser of the NWF called the infusion of spending "transformative." The Natural Resources Defense Council argued that despite continued acceptance of fossil fuels in the IRA, its climate mitigation policies would outweigh their impact ten times over.[204] Health and environmental justice organizations like Earthjustice have welcomed the law.[205]

However, not all environmental groups expressed unqualified support. Some environmentalists noted that the bill contained more "carrots", or incentives for positive behavior, than "sticks", or new regulations.[202][206] Several groups argued that as the legislation did not seek to eliminate fossil fuels entirely, it was inadequate to meet the threat of climate change. Jean Su, the energy justice program director at the Center for Biological Diversity, called the legislation "a backdoor take-it-or-leave-it deal between a coal baron and Democratic leaders in which any opposition from lawmakers or frontline communities was quashed."[207] The Climate Justice Alliance criticized the IRA, saying that "the strengths of the IRA are outweighed by the bill's weaknesses and threats posed by the expansion of fossil fuels and unproven technologies such as carbon capture and hydrogen generation."[207]

The heads of the National Cooperative Business Association, National Rural Electric Cooperative Association, National Farmers Union, and National Council of Farming Cooperatives praised the IRA for its provisions assisting cooperatives in energy and agriculture, particularly direct grants and debt forgiveness. Cornelius Blanding, head of the U.S. Federation of Southern Cooperatives, also praised the IRA, but expressed concern that its revisions of the American Rescue Plan's debt relief programs for minority farmers would worsen racial discrimination in agriculture.[77]

Cycling organizations criticized the IRA for removing the incentives for electric bicycles in the original Build Back Better Act, having a better energy-per-incentive ratio and reaching a wider demographic, than for electric cars remaining in the IRA.[208] Sean Jeans-Gail, Vice President of Government Affairs and Policy at the Rail Passengers Association, criticized the IRA saying, "It's a bitter pill in terms of rail and transit, which is the one clearly established, low-carbon emission transportation systems we have going". He also criticized the bill for being car centric.[209]

27 European Union finance ministers have expressed "serious concerns" about the financial incentives of the Inflation Reduction Act, and are considering challenging it. They have listed at least nine points in the legislation, which they say could be in breach of World Trade Organization rules. They were opposed to the subsidies for consumers to buy North American-assembled electric cars, as EU officials believe the subsidies discriminate against European carmakers. One EU official told CNBC that, "there is a political consensus (among the 27 ministers) that this plan threatens the European industry"[210][211][212] and its supply of raw materials.[213] In February 2023, the European Commission announced it would propose the "Net Zero Industrial Act", similar to the IRA,[214] in turn putting pressure on the United Kingdom[215][216] and South Korea.[217]

On March 10, 2023, President Biden and President of the European Commission Ursula von der Leyen announced they would be initiating top-level talks to mitigate issues of subsidy competition.[218][213][212]

Representatives from South Korea have also voiced similar concerns to Europe, given that the legislation can also restrict Hyundai's and other South Korean carmakers' business in the American market.[217][219][220][210]

Some members of the trade union United Auto Workers, including former vice president Cindy Estrada, have obliquely commented to The American Prospect that the Inflation Reduction Act's implementation regarding prevailing wage requirements and collective bargaining rights (particularly at electric vehicle factories owned by startup companies) may be weakened, and if not properly implemented, the Act could be linked to poor hiring practices and working conditions.[221] Other labor union representatives, from the AFL–CIO, Southwest Laborers District Council, Ironworkers Local 848 and United Steelworkers, told Reuters in March 2023 that investments announced due to the Act have not improved labor unions' ability to organize particularly in right-to-work law states, but that they were hopeful in pushing ahead.[127]

The Prospect's editor, Robert Kuttner, commented in January 2023 that the Treasury Department's interpretation of the Act regarding electric vehicle leasing could also potentially undermine the Act's U.S. domestic supply provisions in favor of European or Chinese suppliers.[211] Manchin expressed disappointment with the Treasury's new guidance and its more lenient provisions for foreign trading partners upon its release on March 31.[174] On December 18, he wrote a letter to Gene Dodaro, head of the Government Accountability Office, asking for a legal opinion on if Congress can overturn the Treasury guidance on Section 30D, on the basis that it is technically a proposal and not finalized, but is being enforced as the latter.[222][223]

On December 13, 2023, Manchin also expressed his disappointment with the Biden administration's implementation of his Section 45V tax credit for clean hydrogen after the draft guidelines were leaked, claiming it was "horrible" and too stringent beyond his intent for the credit.[224] Manchin later said he would bring a lawsuit against the Biden administration upon release of the guidelines. Constellation Energy, the United States' largest nuclear power plant operator, said it would pull back on green and pink hydrogen projects if the guidelines were released.[225]

See also edit

Notes edit

  1. ^ A portion of the new IRS funding was rescinded in the Fiscal Responsibility Act of 2023.

References edit

  1. ^ Dennis, Brady (August 14, 2022). "As Congress funds high-tech climate solutions, it also bets on a low-tech one: Nature". The Washington Post. Retrieved August 29, 2022.
  2. ^ Kaufman, Anna (September 23, 2022). . USA Today. Archived from the original on March 9, 2023. Retrieved March 9, 2023.
  3. ^ a b c Everett, Burgess (July 27, 2022). "Manchin and Schumer announce deal that includes energy, taxes". Politico. Retrieved July 27, 2022.
  4. ^ Zhou, Li (July 28, 2022). "How Democrats plan to overhaul taxes, climate spending, and health care before the midterms". Vox. Retrieved July 30, 2022.
  5. ^ a b "Senate passes Democrats' sweeping climate, health and tax bill, delivering win for Biden". www.cbsnews.com. August 8, 2022. Retrieved August 12, 2022.
  6. ^ a b "House passes Inflation Reduction Act, sending climate and health bill to Biden". Washington Post. ISSN 0190-8286. Retrieved August 12, 2022.
  7. ^ a b c d e f g "CBO Scores IRA with $238 Billion of Deficit Reduction". Committee for a Responsible Federal Budget. September 7, 2022. Retrieved September 21, 2022. Note the original September 7 CBO estimates are $391 billion for climate action, $108 billion for health care, $281 billion from health savings, and $457 billion from tax reform, for a net total of $238 billion in deficit reduction.
  8. ^ a b c d e "Repealing Inflation Reduction Act's Energy Credits Would Raise $663 Billion, JCT Projects". Tax Foundation. June 7, 2023. Retrieved June 12, 2023.
  9. ^ Nilsen, Ella (July 28, 2022). "Clean energy package would be biggest legislative climate investment in US history". CNN. Retrieved July 31, 2022.
  10. ^ Rappeport, Alan (August 4, 2022). "The I.R.S. says new funding won't mean more audits for middle-income Americans". The New York Times. ISSN 0362-4331. Retrieved August 10, 2022.
  11. ^ Tankersley, Jim (August 16, 2022). "Biden Signs Expansive Health, Climate and Tax Law". The New York Times. ISSN 0362-4331. Retrieved August 18, 2022.
  12. ^ "The Build Back Better Framework". The White House. Retrieved November 14, 2021.
  13. ^ Yarmuth, John A. (March 11, 2021). "H.R.1319 - 117th Congress (2021-2022): American Rescue Plan Act of 2021". Congress.gov. from the original on February 26, 2021. Retrieved April 29, 2021.
  14. ^ "Fact Sheet: The American Jobs Plan". The White House. March 31, 2021. Retrieved March 31, 2021.
  15. ^ "Fact Sheet: The American Families Plan". The White House. April 28, 2021. Retrieved April 29, 2021.
  16. ^ a b Dayen, David (September 26, 2022). "How Policy Got Done in 2022". The American Prospect. Retrieved August 28, 2023.
  17. ^ a b Weissmann, Jordan (August 16, 2023). "How the Inflation Reduction Act was really born". Semafor. Retrieved August 28, 2023.
  18. ^ Seipel, Arnie; Hernandez, Joe (December 19, 2021). "Joe Manchin says he won't support President Biden's Build Back Better plan". NPR. Retrieved August 31, 2022.
  19. ^ a b Everett, Burgess (July 14, 2022). "Manchin's offer to Dems: Take a health care deal or try again later". Politico. Retrieved December 31, 2022.
  20. ^ Cochrane, Emily; Friedman, Lisa (July 15, 2022). "Manchin Pulls Plug on Climate and Tax Talks, Shrinking Domestic Plan". The New York Times. ISSN 0362-4331. Retrieved December 31, 2022.
  21. ^ Weissmann, Jordan (July 15, 2022). "Joe Manchin Just Knifed What Was Left of Biden's Agenda". Slate Magazine. Retrieved December 31, 2022.
  22. ^ Tankersley, Jim; Friedman, Lisa; Davenport, Coral (July 15, 2022). "Biden Concedes Defeat on Climate Bill as Manchin and Inflation Upend Agenda". The New York Times. ISSN 0362-4331. Retrieved December 31, 2022.
  23. ^ Lizza, Ryan; Daniels, Eugene (August 8, 2022). "Politico Playbook: How it really happened: The Inflation Reduction Act". Politico. Retrieved December 31, 2022.
  24. ^ Kevin Liptak; Manu Raju; Ella Nilsen; Alex Rogers (July 28, 2022). "How secret negotiations revived Joe Biden's agenda and shocked Washington". CNN. Retrieved August 13, 2022.
  25. ^ "Manchin's latest shocker: A $700B deal". Politico. July 27, 2022. Retrieved August 13, 2022.
  26. ^ "Biden suddenly is piling up wins. Can Dems make it stick?". Politico. August 9, 2022. Retrieved August 13, 2022.
  27. ^ Montanaro, Domenico (August 12, 2022). "Biden's recent wins could give Democrats a boost heading into the midterms". NPR. Retrieved August 13, 2022.
  28. ^ Chait, Jonathan (August 12, 2022). "Joe Biden's Best Week Ever". Intelligencer. Retrieved August 13, 2022.
  29. ^ Yarmuth, John A. (August 8, 2022). "Actions - H.R.5376 - 117th Congress (2021-2022): Inflation Reduction Act of 2022". www.congress.gov. Retrieved August 12, 2022.
  30. ^ Emma Dumain. (28 July 2023). "Q&A: Former Schumer aide on IRA behind the scenes". E&E Daily website Retrieved 29 August 2023.
  31. ^ Maegan Vazquez (August 16, 2022). "Biden signs Inflation Reduction Act into law". CNN. Retrieved August 16, 2022.
  32. ^ a b c d "Summary: The Inflation Reduction Act of 2022" (PDF). Senate Democratic Leadership. August 11, 2022. Retrieved August 12, 2022. Estimates from the United States Congressional Joint Committee on Taxation or Congressional Budget Office, depending on the number.
  33. ^ Manu Raju and Ali Zaslav (August 4, 2022). "Sinema says she will 'move forward' on economic bill, putting Biden's agenda on the cusp of Senate approval". CNN. Retrieved August 5, 2022.
  34. ^ Kimball, Spencer (August 12, 2022). "Passage of Inflation Reduction Act gives Medicare historic new powers over drug prices". CNBC. Retrieved August 16, 2022.
  35. ^ a b c Cubanski, Juliette; Neuman, Tricia; Freed, Meredith (September 22, 2022). "Explaining the Prescription Drug Provisions in the Inflation Reduction Act". KFF. Retrieved January 19, 2023.
  36. ^ a b c Sachs, Rachel (August 10, 2022). "Understanding The Democrats' Drug Pricing Package". Health Affairs Forefront. Retrieved October 5, 2022.
  37. ^ a b c Cutler, David M. (September 1, 2022). "Medicare Enters the Pharmaceutical Purchasing Business". JAMA Health Forum. American Medical Association (AMA). 3 (9): e223630. doi:10.1001/jamahealthforum.2022.3630. ISSN 2689-0186. PMID 36218929. S2CID 252035393.
  38. ^ a b CFP®, Kate Dore (August 9, 2022). "With 87,000 new agents, here's who the IRS may target for audits". CNBC. Retrieved August 10, 2022.
  39. ^ Shivaram, Deepa (August 12, 2022). "Democrats passed a major climate, health and tax bill. Here's what's in it". NPR. Retrieved August 12, 2022.
  40. ^ "Democrats' $80 billion wager: A bigger IRS will be a better IRS". Washington Post. ISSN 0190-8286. Retrieved August 10, 2022.
  41. ^ Up from the CBO's original projection of $270 billion. Bravender, Robyn (October 5, 2022). "Greenwire: Podesta, IRS get to work on climate law's tax incentives". Politico Pro. Retrieved October 8, 2022.
  42. ^ a b c Cherny, Andrei (August 22, 2022). "Commentary: This little-discussed provision in the Inflation Reduction Act just established the world's largest green lending program". Fortune. Retrieved October 22, 2022.
  43. ^ a b Yañez-Barnuevo, Miguel (September 12, 2022). "New Climate Law Jumpstarts Clean Energy Financing - Article". EESI. Retrieved November 7, 2022.
  44. ^ a b "About the Greenhouse Gas Reduction Fund". United States Environmental Protection Agency. June 5, 2023. Retrieved June 13, 2023.
  45. ^ Stevens, Pippa (July 28, 2022). "Solar stocks jump as Schumer, Manchin announce climate spending deal". CNBC. Retrieved August 7, 2022.
  46. ^ a b c Green, Hank (August 12, 2022). The Biggest Climate Bill of Your Life - But What does it DO? (YouTube video). Missoula, Montana: Vlogbrothers. Event occurs at 10 minutes 50 seconds. Retrieved October 6, 2022.
  47. ^ a b "Biden-Harris Administration Announces $6 Billion To Drastically Reduce Industrial Emissions and Create Healthier Communities". Energy.gov. March 8, 2023. Retrieved May 26, 2023.
  48. ^ a b c Dayen, David (May 25, 2023). "A Liberalism That Builds Power". The American Prospect. Retrieved May 26, 2023.
  49. ^ a b "Fact Sheet: Clean Manufacturing Investments in the Inflation Reduction Act" (PDF). BlueGreen Alliance. August 24, 2022. Retrieved May 26, 2022.
  50. ^ a b c The Inflation Reduction Act Drives Significant Emissions Reductions and Positions America to Reach Our Climate Goals (PDF) (Report). United States Department of Energy Office of Policy. August 2022.
  51. ^ a b c d Philpott, Tom (August 20, 2022). "How the Inflation Reduction Act Affects Food and Agriculture". Wired. Retrieved October 20, 2022.
  52. ^ a b Jim Monke; Kelsi Bracmort; Megan Stubbs; Katie Hoover (August 10, 2022). Inflation Reduction Act: Agricultural Conservation and Credit, Renewable Energy, and Forestry (Report). Congressional Research Service. Retrieved August 10, 2023.
  53. ^ a b Beachy, Ben (August 12, 2022). "Reconciliation: Climate, Energy, and Environmental Justice Investments". Google Sheets. Retrieved May 24, 2023.
  54. ^ a b Nielsen, Miriam (May 24, 2023). What's going on with the Inflation Reduction Act? (YouTube video). New York, NY: Zentouro. Event occurs at 3 minutes, 4 seconds. Retrieved May 24, 2023.
  55. ^ a b c d "Update: Budgetary Cost of Climate and energy provisions in the Inflation Reduction Act". Penn Wharton Budget Model. April 27, 2023. Retrieved June 12, 2023.
  56. ^ a b c d Thomas, Michael (August 29, 2023). "The Climate Bill That Keeps On Giving". Distilled (Substack). Retrieved August 29, 2023.
  57. ^ a b c Liu, Alex; Jiang, Betty; Mandloi, Maheep; Carlson, Richard; Hope, Matt; Ziffer, Mike; Campanella, Nick; Rosa, Ariel; Walsh, John; Kuske, Andrew; Tse, Horace; Kim, Sang Uk; Quiroga, Vanessa; Roberts, John; Chigumira, Danielle; Okusanya, Tayo; Oppenheim, Dan; Freshney, Mark; Leonard, Christopher; Woodworth, Curt; Abrams, Randy (November 30, 2022). "US Inflation Reduction Act: A catalyst for climate action". Credit Suisse. Retrieved August 29, 2023.
  58. ^ Tully-Mcmanus, Katherine (August 5, 2022). "Sinema's tax tweaks". Politico. Retrieved August 5, 2022.
  59. ^ Cochrane, Emily (August 5, 2022). "Sinema Agrees to Climate and Tax Deal, Clearing the Way for Votes". The New York Times. ISSN 0362-4331. Retrieved August 5, 2022.
  60. ^ Bolton, Alexander (August 5, 2022). "Sinema announces deal with Schumer on taxes and climate". The Hill. Retrieved August 5, 2022.
  61. ^ "Inflation Reduction Act: Comparing CBO and PWBM Estimates". Penn Wharton Budget Model. August 5, 2022. Retrieved August 11, 2022.
  62. ^ "Senate-Passed Inflation Reduction Act: Estimates of Budgetary and Macroeconomic Effects". Penn Wharton Budget Model. August 12, 2022. Retrieved August 15, 2022.
  63. ^ a b "What's In the Inflation Reduction Act?". Committee for a Responsible Federal Budget. July 28, 2022. Retrieved July 30, 2022.
  64. ^ "IRA Saves Almost $2 Trillion Over Two Decades". Committee for a Responsible Federal Budget. August 3, 2022. Retrieved August 4, 2022.
  65. ^ "Search". lobbyfacts. March 12, 2023. Retrieved March 13, 2023.
  66. ^ Sahay, Richa (November 1, 2022). "How the US Inflation Reduction Act will impact the economy". World Economic Forum. Retrieved March 13, 2023.
  67. ^ "Inflation Reduction Act: Details & Analysis". Tax Foundation. August 2, 2022. Retrieved August 4, 2022.
  68. ^ "Climate change bill would cut U.S. air pollution deaths by up to 3,900 per year, study finds". news.yahoo.com. August 2, 2022. Retrieved August 31, 2022.
  69. ^ a b Mills, Ryan; Aggarwal, Ashna; Corvidae, Jacob; Jaglom-Kurtz, Wendy (February 6, 2023). "The Economic Tides Just Turned for States". RMI. Retrieved March 10, 2023.
  70. ^ a b Milman, Oliver (February 22, 2023). "Republicans in the US 'battery belt' embrace Biden's climate spending". the Guardian. Retrieved March 10, 2023.
  71. ^ "Princeton energy and climate experts weigh in on the impact of the Inflation Reduction Act". Princeton University. Retrieved August 27, 2022.
  72. ^ a b Avery, W. Barron A.; McCarthy, Ryan A.; Lorenzo, Sarah-Jane (August 16, 2022). "Inflation Reduction Act Creates $27B 'Green Bank' Fund for Clean Energy Projects, but False Claims Risks Exist". Morgan Lewis. Retrieved October 22, 2022.
  73. ^ a b Penny, William; Snow, Ed (August 19, 2022). "Three Ways the Inflation Reduction Act Advances Green Banking". Burr & Forman LLP. Retrieved October 22, 2022.
  74. ^ "Ultimate Public Climate Spending Spurred by Inflation Reduction Act Could be Over $800 Billion: Credit Suisse | American Public Power Association". www.publicpower.org. Retrieved December 2, 2022.
  75. ^ "Goldman Sees Biden's Clean-Energy Law Costing US $1.2 Trillion". Bloomberg.com. March 23, 2023. Retrieved March 26, 2023.
  76. ^ John Bistline; Neil R. Mehrotra; Catherine Wolfram (March 30, 2023). "Economic implications of the climate provisions of the Inflation Reduction Act". Brookings. Retrieved June 12, 2023.
  77. ^ a b Lechleitner, Liz (August 23, 2022). "Electric and agricultural co-op leaders respond to passage of Inflation Reduction Act". NCBA CLUSA. Retrieved November 24, 2022.
  78. ^ a b c Senate Agriculture Committee one-pager, retrieved October 20, 2022
  79. ^ 26 U.S.C. § 30D
  80. ^ a b c d e Democrats, Senate (July 27, 2022). "Summary of the Energy Security and Climate Change Investments in the Inflation Reduction Act of 2022" (PDF). Senate Democrats. Retrieved August 22, 2022.
  81. ^ House, The White (August 15, 2022). "BY THE NUMBERS: The Inflation Reduction Act". The White House. Retrieved August 23, 2022.
  82. ^ Iacurci, Greg (August 13, 2022). "Consumers may qualify for up to $10,000 — or more — in climate tax breaks and rebates in the Inflation Reduction Act". CNBC. Retrieved September 8, 2022.
  83. ^ "Biden admin's long-awaited hydrogen rules are here". Canary Media. December 22, 2023. Retrieved December 22, 2023.
  84. ^ a b Jenkins, Jesse D. (December 7, 2023). "The Biden administration has a chance to do clean hydrogen right". Canary Media. Retrieved December 8, 2023.
  85. ^ Polly Martin (August 7, 2023). "US likely to phase in strict rules for green hydrogen production, suggests White House advisor". Hydrogen insight. Retrieved December 8, 2023.
  86. ^ Stokes, Leah C. (April 14, 2023). "Opinion: Before We Invest Billions in This Clean Fuel, Let's Make Sure It's Actually Clean". The New York Times. Retrieved August 25, 2023.
  87. ^ Meyer, Robinson (February 12, 2023). "Opinion: A Huge, Uncharted Experiment on the U.S. Economy is About to Begin". The New York Times. Retrieved August 25, 2023.
  88. ^ 26 U.S.C. § 45V
  89. ^ "Fact Sheet: Inflation Reduction Act Advances Environmental Justice". The White House. August 17, 2022. Retrieved September 14, 2022.
  90. ^ "How States and Cities Can Benefit From Climate Investments in the Inflation Reduction Act". Center for American Progress. August 25, 2022. Retrieved September 14, 2022.
  91. ^ Banayan, Noa. "What IS in the Inflation Reduction Act for Bikes?". People for Bikes. Retrieved September 14, 2022.
  92. ^ Cooper, Ryan (August 18, 2022). "The Inflation Reduction Act's Quiet Revolution on Public Power". The American Prospect. Retrieved June 6, 2023.
  93. ^ "Empowering Rural America New ERA Program". USDA. July 27, 2023. Retrieved September 12, 2023.
  94. ^ Harris, Lee (January 19, 2023). "Green Capital Feuds With Local Lenders Over National Climate Bank". The American Prospect. Retrieved January 20, 2023.
  95. ^ "Biden-Harris Administration Launches Historic $20 Billion in Grant Competitions to Create National Clean Financing Network as Part of Investing in America Agenda". US EPA. July 14, 2023. Retrieved August 14, 2023.
  96. ^ "Biden-Harris Administration Launches $7 Billion Solar for All Grant Competition to Fund Residential Solar Programs that Lower Energy Costs for Families and Advance Environmental Justice Through Investing in America Agenda". US EPA. June 28, 2023. Retrieved August 14, 2023.
  97. ^ Rathi, Akshat; A Dlouhy, Jennifer (August 2022). "Bill Gates and the Secret Push to Save Biden's Climate Bill". Bloomberg. Retrieved September 19, 2022.
  98. ^ Hirji, Zahra; Roston, Eric (August 13, 2022). "US Climate Bill Keeps Hope Alive for Halting Warming at 1.5°C". Bloomberg. Retrieved September 22, 2022.
  99. ^ a b "A Turning Point for US Climate Progress: Assessing the Climate and Clean Energy Provisions in the Inflation Reduction Act". Rhodium Group. Retrieved August 16, 2022.
  100. ^ a b McGinn, Anna (October 18, 2022). "What the Inflation Reduction Act Means for U.S. Engagement at the U.N. Climate Talks - Article". Environmental and Energy Study Institute. Retrieved March 24, 2023.
  101. ^ Mahajan, Megan; Ashmoore, Olivia; Rissman, Jeffrey; Orvis, Robbie; Gopal, Anand (August 2022). Modeling the Inflation Reduction Act Using the Energy Policy Stimulator (PDF). Energy innovation. p. 1. Retrieved September 22, 2022.
  102. ^ Natter, Ari (August 3, 2022). "Manchin Deal Tosses $30 Billion Lifeline to US Nuclear Reactors". Bloomberg. Retrieved August 4, 2022.
  103. ^ Ebbs, Stephanie. "Experts explain how the Inflation Reduction Act helps fight climate change". ABC News. Retrieved August 18, 2022.
  104. ^ princeton.edu (August 4, 2022). "Preliminary Report: The Climate and Energy Impacts of the Inflation Reduction Act of 2022" (PDF). repeatproject.org. Retrieved August 18, 2022.
  105. ^ "Modeling The Inflation Reduction Act Using The Energy Policy Simulator". Energy Innovation. Retrieved August 1, 2022.
  106. ^ Storrow, Benjamin. "How Much Will the Climate Bill Reduce Emissions? It Depends". Scientific American. Retrieved August 18, 2022.
  107. ^ Newburger, Emma (July 28, 2022). "Schumer-Manchin reconciliation bill has $369 billion to fight climate change — here are the details". CNBC. Retrieved August 1, 2022.
  108. ^ "Retail Electricity Rates under the Inflation Reduction Act of 2022". Resources for the Future. Retrieved August 6, 2022.
  109. ^ "Axios Generate, August 5, 2022". Axios. Retrieved August 5, 2022.
  110. ^ Stevens, Pippa (September 8, 2022). "Solar installations will triple by 2027 thanks to climate bill, report predicts". CNBC. Retrieved October 29, 2022.
  111. ^ Friedman, Lisa (August 22, 2022). "Democrats Designed the Climate Law to be a Game Changer. Here's How". The New York Times.
  112. ^ 136 Stat. 2063, Pub. L. 117–169 (text) (PDF)
  113. ^ Sullivan, Sean D. (March 2023). "Medicare Drug Price Negotiation in the United States: Implications and Unanswered Questions". Value in Health. 26 (3): 394–399. doi:10.1016/j.jval.2022.11.015. ISSN 1098-3015. PMID 36503034. S2CID 254522229.
  114. ^ a b c d e Gay Stolberg, Sheryl; Robbins, Rebecca (August 29, 2023). "Eliquis and Jardiance Among First Drugs Picked for Medicare Price Negotiations". The New York Times. Retrieved August 29, 2023.
  115. ^ Thread by Stacie Dusetzina, health policy analyst at Vanderbilt University. @DusetzinaS (August 29, 2023). "Are you feeling down because the drug that you take isn't on the list that @CMSGov just released for price negotiations in #PartD? FEAR NOT. You also get to benefit from negotiation. Let me explain how. 1/4" (Tweet) – via Twitter.
  116. ^ Schwarz, Casey (August 25, 2022). "Part D Savings in the Inflation Reduction Act Set to Increase Over Time". Medicare Rights Center. Retrieved August 30, 2023.
  117. ^ a b Kansteiner, Fraiser (August 29, 2023). "Drugs from J&J, Merck, Novartis, BMS and more set for first round of Medicare price negotiations: CMS". Retrieved August 31, 2023.
  118. ^ a b Cubanski, Juliette; Damico, Anthony; Published, Tricia Neuman (September 26, 2023). "How Medicare's New Drug Price Negotiation Program Could Expand Access to Selected Drugs". KFF. Retrieved November 12, 2023.
  119. ^ Lopez, German; Wu, Ashley (August 26, 2022). "Conspiracy Theories / How more funding for the I.R.S. became a political firestorm". The New York Times. from the original on August 26, 2022. Source: U.S. Department of Treasury; Estimates from 2019
  120. ^ Diaz, Daniella; Luhby, Tami (July 31, 2022). "Republicans argue Manchin and Schumer's energy, health care deal will raise taxes, citing nonpartisan data". CNN. Retrieved July 31, 2022.
  121. ^ "Putting JCT's Score of the Inflation Reduction Act Into Context". Tax Policy Center. August 2, 2022. Retrieved August 3, 2022.
  122. ^ "The Inflation Reduction Act Primarily Impacts Top 1 Percent of Taxpayers". taxpolicycenter.org. August 11, 2022.
  123. ^ a b "Inflation Reduction Act (IRA) and CHIPS and Science Act Investments". Jack Conness. December 20, 2023. from the original on December 23, 2023. Retrieved December 23, 2023.
  124. ^ Mechanic, Michael (April 27, 2023). "House Republicans Are Playing Debt-Ceiling Russian Roulette". Mother Jones. Retrieved May 6, 2023.
  125. ^ "The Clean Energy Future Is a Battle for Hearts and Minds". The New York Times. August 13, 2023. from the original on September 6, 2023. Retrieved September 7, 2023.
  126. ^ John Podesta (May 10, 2023). "Remarks as Prepared for Delivery to the Bipartisan Policy Center by Senior Advisor John Podesta on the Biden-Harris Administration's Priorities for Energy Infrastructure Permitting Reform". The White House. Retrieved June 6, 2023.
  127. ^ a b Groom, Nichola (March 7, 2023). "Biden's clean energy factory jobs may elude U.S. union workers". Reuters. Retrieved March 9, 2023.
  128. ^ Osaka, Shannon (April 17, 2023). "The unlikely center of America's EV battery revolution". The Washington Post. Retrieved May 7, 2023.
  129. ^ Jenkins, Jesse D. (May 2023). "What "Electrify Everything" Actually Looks Like". Mother Jones. Retrieved May 8, 2023.
  130. ^ a b "Analysis: IRA-Related Clean Energy Projects To Create 403,000 Direct & Indirect Jobs; Add Billions To GDP". E2. November 1, 2023. Retrieved November 1, 2023.
  131. ^ "How many jobs is the Inflation Reduction Act spurring? A lot". Canary Media. November 1, 2023. Retrieved November 1, 2023.
  132. ^ Turner, Jay (September 23, 2023). "US and Canada Electric Vehicle Supply Chain Map". Charged. Retrieved September 23, 2023.
  133. ^ "Clean Energy Boom – 100k Clean Energy Jobs Report" (PDF). Climate Power. February 3, 2023. Retrieved May 6, 2023.
  134. ^ Weissmann, Jordan (May 4, 2023). "How Washington underestimated Biden's big climate law". Semafor. Retrieved May 6, 2023.
  135. ^ "Impact of the Inflation Reduction Act". SEIA. August 13, 2023. Retrieved August 25, 2023.
  136. ^ "Clean Energy Industry Sees Massive Investments Since August". ACP. January 30, 2023. Retrieved March 10, 2023.
  137. ^ "Clean Energy Investing In America". ACP -. August 6, 2023. Retrieved August 7, 2023.
  138. ^ Ragland, Will; Koronowski, Ryan; Simhoni, Shanee (June 20, 2023). "Biden Administration Investment Tracker". Center for American Progress. Retrieved June 29, 2023.
  139. ^ "Investing In America". The White House. December 22, 2023. from the original on December 23, 2023. Retrieved December 23, 2023.
  140. ^ Broom, Douglas (August 21, 2023). "The US Inflation Reduction Act one year on – what's been achieved for the green economy?". World Economic Forum. Retrieved September 24, 2023.
  141. ^ "Taking Stock 2021: US Emissions Outlook Under Current Policy". Rhodium Group. Retrieved September 24, 2023.
  142. ^ "Taking Stock 2023 US Emissions Projections after the Inflation Reduction Act" (PDF). Rhodium Group.
  143. ^ Tankersley, Jim; Hirsch, Lauren (November 23, 2023). "In Biden's Climate Law, a Boon for Green Energy, and Wall Street". The New York Times. The New York Times. Retrieved November 29, 2023.
  144. ^ Lubach, Dave. "Inflation Reduction Act Money Finds way to States that Refused Funding". Facilitiesnet. Retrieved August 16, 2023.
  145. ^ Aton, Adam (July 19, 2023). "How Biden steered climate money to red states". E&E News by Politico. Retrieved August 15, 2023.
  146. ^ Perkins, Hannah; Aston, Adam (September 19, 2023). "U.S. Inflation Reduction Act: one year on, a summary of impressive progress in the energy transition". Energy Post. Retrieved September 24, 2023.
  147. ^ "Biden Harris Administration Opens Applications For States And Territories To Implement $8.5 Billion For Home Energy Rebates As Part Of Investing In America Agenda". Energy.gov. July 27, 2023. Retrieved August 2, 2023.
  148. ^ "DOE Releases Guidance for States to Develop Electrification and Efficiency Rebate Programs". Sierra Club. July 27, 2023. Retrieved August 3, 2023.
  149. ^ "Seven States Letter" (PDF). Colorado River Basin States Representatives of Arizona, California, Colorado, Nevada, New Mexico, Utah, and Wyoming. Retrieved September 22, 2023.
  150. ^ "Biden-Harris Administration Announces Historic Consensus System Conservation Proposal to Protect the Colorado River Basin". U.S. Department of the Interior. May 22, 2023. Retrieved June 20, 2023.
  151. ^ Jones, Benji (May 23, 2023). "Why the new Colorado River agreement is a big deal — even if you don't live out West". Vox. Retrieved June 20, 2023.
  152. ^ "Fact Sheet: One Year In, President Biden's Inflation Reduction Act is Driving Historic Climate Action and Investing in America to Create Good Paying Jobs and Reduce Costs". The White House. August 16, 2023. Retrieved September 24, 2023.
  153. ^ "Biden-Harris Administration Invests $150M to Connect Underserved and Small Acreage Forest Landowners to Emerging Climate Markets as part of Investing in America Agenda". U.S. Department of Agriculture. United States. Retrieved September 27, 2023.
  154. ^ a b c The White House (November 14, 2023). . The White House. Archived from the original on November 15, 2023. Retrieved November 15, 2023.
  155. ^ "Fact Sheet: Marking One Year of the Inflation Reduction Act". U.S. DEPARTMENT OF AGRICULTURE. the United States government. Retrieved September 27, 2023.
  156. ^ "Biden-Harris Administration Announces Nearly $128 Million for Environmental Justice Projects in Communities Across the Country as Part of Investing in America Agenda". The United States Environmental Protection Agency. the United States government. Retrieved October 30, 2023.
  157. ^ "2023 Environmental Justice Collaborative Problem Solving (EJCPS) Program Project Summaries" (PDF). The Environmental Protection Agency. Retrieved October 30, 2023.
  158. ^ "2023 Environmental Justice Government-to-Government (EJG2G) Program Project Summaries" (PDF). Environmental Protection Agency. Retrieved October 30, 2023.
  159. ^ "President Biden's Investing in America Agenda Announces $20 Million to Bolster Climate Resilience for Native Hawaiian Community". U.S. Department of the Interior. November 14, 2023. Retrieved November 15, 2023.
  160. ^ "Inflation Reduction Act Community Change Grants Program". US EPA. November 14, 2023. Retrieved November 15, 2023.
  161. ^ "Biden-Harris Administration Moves Forward with Medicare Drug Price Negotiations to Lower Prescription Drug Costs for People with Medicare". HHS.gov. October 3, 2023. Retrieved October 14, 2023.
  162. ^ a b Gardner, Lauren (August 29, 2023). "Drugmakers, trade groups push back against Medicare drug price negotiations". Politico. Retrieved August 29, 2023.
  163. ^ a b Gay Stolberg, Sheryl; Robbins, Rebecca (July 23, 2023). "Drugmakers Throw 'Kitchen Sink' to Halt Medicare Price Negotiations". The New York Times. Retrieved August 29, 2023.
  164. ^ Lopez, Ian (October 24, 2023). "Pharma Industry Readies for Drug Pricing Lawsuit Second Wave". Bloomberg Law News. Retrieved November 6, 2023.
  165. ^ Gardner, Eric (November 4, 2023). "Pharma Poised to Intensify Legal Battle Over Drug Price Negotiations". More Perfect Union (Substack). Retrieved November 6, 2023.
  166. ^ "Drug Pricing Bill Could Reduce Manufacturer Revenue by Over $450B". Avalere. July 27, 2022. Retrieved August 29, 2023.
  167. ^ Gassuli, Daniel; Bowen, Harry; Schulthess, Duane (June 1, 2023). "IRA's Impact on the U.S. Biopharma System" (PDF). Vital Transformation. Retrieved August 29, 2023.
  168. ^ Kate Sullivan (August 11, 2022). "Yellen directs IRS not to use new funding to increase chances of audits of Americans making less than $400,000". CNN. Retrieved August 11, 2022.
  169. ^ Rappeport, Alan (April 6, 2023). "I.R.S. Unveils $80 Billion Plan to Overhaul Tax Collection". The New York Times. Retrieved April 6, 2023.
  170. ^ Davis, Jeffrey. "Treasury Releases Initial Information On Electric Vehicle Tax Credit Under Newly Enacted Inflation Reduction Act - Tax Authorities - United States". Mayer Brown. Retrieved August 21, 2022.
  171. ^ a b "The $369bn Climate Deal: America's Path To Climate Resilience - Renewables - United States". Morrison Foerster. Retrieved August 21, 2022.
  172. ^ "Alternative Fuels Data Center: Inflation Reduction Act of 2022". US Department of Energy. Retrieved August 21, 2022.
  173. ^ Lucero, Kat. "Feds Spell Out EV Tax Breaks Under Inflation Reduction Act - Law360". Law 360. Retrieved August 21, 2022.
  174. ^ a b c d Bikales, James (March 31, 2023). "IRS rules for electric cars unveiled after months of attacks". Politico. Retrieved April 1, 2023.
  175. ^ Hawkins, Andrew J. (August 8, 2022). "No electric vehicles on the market today qualify for the new EV tax credit". The Verge. Retrieved August 29, 2022.
  176. ^ Tim Levin; Juliana Kaplan. "Most electric cars won't qualify for Democrats' new $7,500 tax credit". Business Insider. Retrieved August 29, 2022.
  177. ^ August 19, Jack Rogers |; AM, 2022 at 08:08. "Inflation Reduction Act Doubles Tax Credits for Building Retrofits". GlobeSt. Retrieved August 21, 2022.{{cite web}}: CS1 maint: numeric names: authors list (link)
  178. ^ Ebeling, Ashlea (August 8, 2022). "Inflation Reduction Act Is Big Win for Serial Green-Home Remodelers". Wall Street Journal. ISSN 0099-9660. Retrieved August 21, 2022.
  179. ^ Groom, Nichola; Lawder, David (May 12, 2023). "US Treasury takes middle road on solar panels 'Made in the USA'". Reuters. Retrieved June 6, 2023.
  180. ^ Natter, Ari (July 11, 2023). "DeSantis Says No Thanks to $377 Million in Federal Energy Funds". BNN Bloomberg. Retrieved September 6, 2023.
  181. ^ https://www.orlandosentinel.com/2023/12/18/desantis-seeks-energy-saving-rebates-in-apparent-change-of-heart/
  182. ^ a b Haberkorn, Jennifer (August 30, 2023). "DeSantis tells Biden: Keep your IRA money". Politico. Retrieved September 4, 2023.
  183. ^ "How much does energy efficiency cost?". Energy Sage. April 5, 2023. Retrieved September 6, 2023.
  184. ^ Calder, Meta (August 21, 2023). "Veto of energy-efficiency funding falls squarely on the poor". The invading sea. Retrieved September 6, 2023.
  185. ^ Hutchings, Kimberly. "Beyond The Inflation Reduction Act: A Texas Guide". OhmConnect. Retrieved September 6, 2023.
  186. ^ HENSON, BOB. "Heat pumps are catching on. New rebates, tax breaks may turbocharge the trend". Texas Climate News. Retrieved September 6, 2023.
  187. ^ "The Inflation Reduction Act Delivers Affordable Clean Energy for Texas" (PDF). The White House. Retrieved September 6, 2023.
  188. ^ Raju, Manu; Luhby, Tami. "Manchin and Schumer announce deal for energy and health care bill". CNN. Retrieved July 27, 2022.
  189. ^ "Statement from President Biden on Inflation Reduction Act of 2022". The White House. July 27, 2022. Retrieved July 27, 2022.
  190. ^ "Democrats, Sinema reach deal on new taxes in Inflation Reduction Act". The Washington Post. ISSN 0190-8286. Retrieved August 5, 2022.
  191. ^ Betsy Klein (August 2, 2022). "First on CNN: Top economists say Democrats' health care and climate package will put 'downward pressure on inflation'". CNN. Retrieved August 14, 2022.
  192. ^ "The Inflation Reduction Act Will Reduce Inflation". Senate Democratic Leadership. August 1, 2022. Retrieved August 5, 2022.
  193. ^ rbradley (August 5, 2022). "Economists Letter to the U.S. Congress on the "Inflation Reduction Act of 2022"". Master Resource. Retrieved April 2, 2023.
  194. ^ Laco, Kelly (August 4, 2022). "Over 230 economists warn Manchin's spending bill will perpetuate inflation". FOXBusiness. Retrieved April 2, 2023.
  195. ^ Bordoff, Jason (December 1, 2022). "America's Landmark Climate Law". IMF. Retrieved March 24, 2023.
  196. ^ Mazzocco, Ilaria (August 25, 2022). "Why the New Climate Bill Is Also about Competition with China". Center for Strategic International Studies. Retrieved March 24, 2023.
  197. ^ Agrawal, Ravi (March 24, 2023). "The White House's Case for Industrial Policy". Foreign Policy. Graham Digital Holding Company. Retrieved March 24, 2023.
  198. ^ Shi, Jiachen (March 9, 2023). "Conflicting Economic Ideologies May Impact Future China Policy in the US". The Diplomat. Diplomat Media. Retrieved March 24, 2023.
  199. ^ Nielsen, Miriam (May 24, 2023). What's going on with the Inflation Reduction Act? (YouTube video). New York, NY: Zentouro. Retrieved May 24, 2023.
  200. ^ Crowley, Kevin (July 30, 2022). "Exxon CEO Loves What Manchin Did for Big Oil in $370 Billion Deal". Bloomberg. Retrieved July 30, 2022.
  201. ^ Alexander, Bolton (August 4, 2022). "Coal industry 'shocked and disheartened' by Manchin climate deal". WFXRtv. The Hill. Retrieved August 9, 2022.
  202. ^ a b Dennis, Brady (August 14, 2022). "As Congress funds high-tech climate solutions, it also bets on a low-tech one: Nature". The Washington Post. Retrieved August 16, 2022.
  203. ^ "A "New Day for Climate Action in the United States" as U.S. Congress Passes Historic Clean Energy and Climate Investments". The Nature Conservancy. Retrieved August 17, 2022.
  204. ^ Plumer, Brad; Friedman, Lisa (July 30, 2022). "Democrats Got a Climate Bill. Joe Manchin Got Drilling, and More". The New York Times. ISSN 0362-4331. Retrieved August 17, 2022.
  205. ^ Jaffe, Susan (September 3, 2022). "Health organisations welcome US climate crisis law". The Lancet. 400 (10354): 719–720. doi:10.1016/S0140-6736(22)01663-4. ISSN 0140-6736. PMID 36058212. S2CID 251984511.
  206. ^ Leber, Rebecca (August 16, 2022). "4 underrated parts of the Inflation Reduction Act". Vox. Retrieved August 17, 2022.
  207. ^ a b Lakhani, Nina (August 9, 2022). "Landmark US climate bill will do more harm than good, groups say". The Guardian. from the original on August 12, 2022. Retrieved August 12, 2022.
  208. ^ Toll, Micah (August 8, 2022). "The new climate bill abandoned the type of electric vehicle that can make the biggest difference". Electrek. from the original on August 8, 2022.
  209. ^ Weinberg, Harrison (July 28, 2022). "'It's so blatant': Transit groups bemoan Dems' car-centric climate deal". Politico. Alex Daugherty. Retrieved August 26, 2022.
  210. ^ a b Amaro, Silvia (November 9, 2022). "Europe shows a united front against Biden's Inflation Reduction Act, says it threatens industry". CNBC. Retrieved December 25, 2022.
  211. ^ a b Kuttner, Robert (January 24, 2023). "Reclaiming U.S. Industry". The American Prospect. Retrieved February 22, 2023.
  212. ^ a b Blenkinsop, Philip (March 10, 2023). "EU seeks to arrest industry decline in green transition". Reuters. from the original on March 11, 2023. engaged in a subsidies race
  213. ^ a b "US and EU begin negotiations on critical minerals access for EV batteries". Le Monde.fr. March 10, 2023. from the original on March 11, 2023.
  214. ^ Marc, Oraan (March 11, 2023). "Do the U.S. Multi-Billion Battery Subsidies Put the European Battery Production at Risk?". autoevolution. from the original on March 11, 2023.
  215. ^ "Political Concern Grows Over UK's Lost 'Green Economy' Edge – OpEd". Eurasia Review. March 11, 2023. from the original on March 11, 2023.
  216. ^ Helm, Toby (March 12, 2023). "Labour planning £8bn Biden-style green energy revolution". The Observer. from the original on March 12, 2023.
  217. ^ a b "Korean auto, battery sectors brace for EU-first act". www.theinvestor.co.kr. March 11, 2023. from the original on March 12, 2023.
  218. ^ Corner, The (March 12, 2023). "US and EU initiate steps to resolve Inflation Reduction Act dispute | The Corner". from the original on March 12, 2023.
  219. ^ Best, Paul (September 1, 2022). "EU hits US for Inflation Reduction Act electric vehicle tax credit requiring final assembly in North America". FOXBusiness. Retrieved September 3, 2022.
  220. ^ Palmer, Doug (August 15, 2022). "USTR shrugs off EU criticism of EV tax credit". Politico. Retrieved September 3, 2022.
  221. ^ Harris, Lee (September 28, 2022). "Industrial Policy Without Industrial Unions". The American Prospect. Retrieved October 5, 2022.
  222. ^ Cama, Timothy (December 19, 2023). "Manchin opens new front in war on Biden EV policies". E&E News by POLITICO. Retrieved December 19, 2023.
  223. ^ Manchin, Joe (December 18, 2023). "Request for legal opinion on Section 30D guidance" (PDF). Letter to Gene L. Dodaro. Washington, DC: United States Senate Committee on Energy and Natural Resources.
  224. ^ Natter, Ari (December 13, 2023). "Joe Manchin Says 'Horrible' Hydrogen Tax Credit Rules Coming Next Week". Bloomberg.com. Retrieved December 19, 2023.
  225. ^ Kaufman, Alexander C. (December 17, 2023). "Democrats And Industry Are At War With Themselves Over A Controversial Energy Plan". Yahoo News. Retrieved December 22, 2023.

External links edit

  • Inflation Reduction Act of 2022 as enacted (PDF/details) in the US Statutes at Large
  • H.R.5376 - Inflation Reduction Act of 2022 bill information on Congress.gov

December 23, 2023
inflation, reduction, 2022, landmark, united, states, federal, which, aims, curb, inflation, possibly, reducing, federal, government, budget, deficit, lowering, prescription, drug, prices, investing, into, domestic, energy, production, while, promoting, clean,. The Inflation Reduction Act of 2022 IRA is a landmark 1 2 United States federal law which aims to curb inflation by possibly reducing the federal government budget deficit lowering prescription drug prices and investing into domestic energy production while promoting clean energy It was passed by the 117th United States Congress and signed into law by President Joe Biden on August 16 2022 Inflation Reduction Act of 2022Long titleTo provide for reconciliation pursuant to title II of S Con Res 14 Acronyms colloquial IRAEnacted bythe 117th United States CongressEffectiveAugust 16 2022CitationsPublic lawPub L 117 169 text PDF Statutes at Large136 Stat 1818Legislative historyIntroduced in the House as the Build Back Better Act H R 5376 by John Yarmuth D KY on September 27 2021Committee consideration by House BudgetPassed the House on November 19 2021 220 213 Passed the Senate as the Inflation Reduction Act of 2022 on August 7 2022 51 50 with amendmentHouse agreed to Senate amendment on August 12 2022 220 207 Signed into law by President Joe Biden on August 16 2022Major amendmentsFiscal Responsibility Act of 2023It is a budget reconciliation bill sponsored by Senators Chuck Schumer D NY and Joe Manchin D WV 3 The bill was the result of negotiations on the proposed Build Back Better Act which was reduced and comprehensively reworked from its initial proposal after being opposed by Manchin 4 It was introduced as an amendment to the Build Back Better Act and the legislative text was substituted All Democrats in the Senate and House voted for the bill while all Republicans voted against it 5 6 According to the nonpartisan Congressional Budget Office CBO and Joint Committee on Taxation JCT the law will raise 738 billion from tax reform and prescription drug reform to lower prices as well as authorize 891 billion in total spending including 783 billion on energy and climate change and three years of Affordable Care Act subsidies 3 7 8 The law represents the largest investment into addressing climate change in United States history 9 It also includes a large expansion and modernization effort for the Internal Revenue Service IRS 10 a According to several independent analyses the law is projected to reduce 2030 U S greenhouse gas emissions to 40 below 2005 levels 11 The projected impact of the bill on inflation is disputed Contents 1 Background 2 Legislative history 3 Provisions 4 Projected impacts 4 1 Economic 4 2 Energy and climate change 4 3 Drug prices 4 4 Taxes and distributional impact 5 Implementation and results 5 1 Economy 5 2 Environment 5 2 1 Energy efficiency 5 2 2 Ecosystems 5 2 3 Sustainable agriculture 5 2 4 Environmental justice 5 3 Drug prices 5 4 Taxation 5 5 Per state 5 5 1 Florida 5 5 2 Texas 6 Reactions 6 1 Public organizations 7 See also 8 Notes 9 References 10 External linksBackground editSee also Build Back Better Act and Build Back Better Plan The Build Back Better Plan was a legislative framework proposed by United States President Joe Biden between 2020 and 2021 Generally viewed as ambitious in size and scope it sought to make the largest nationwide public investments in social infrastructural and environmental programs since the 1930s Great Depression fighting policies of the New Deal 12 The plan was divided into three parts one of them the American Rescue Plan a COVID 19 relief spending bill was signed into law in March 2021 13 The other two parts were reworked into different bills over the course of extensive negotiations within and among Congressional entities The American Jobs Plan AJP was a proposal to address long neglected infrastructure needs and reduce America s contributions to climate change s destructive effects 14 the American Families Plan AFP was a proposal to fund a variety of social policy initiatives some of which e g paid family leave had never before been enacted nationally in the U S 15 The Build Back Better Act was a bill introduced in the 117th Congress to fulfill aspects of the Build Back Better Plan It was spun off from the American Jobs Plan alongside the Infrastructure Investment and Jobs Act as a 3 5 trillion Democratic reconciliation package that included provisions related to climate change in the United States centered around Senator Ron Wyden s technology neutral tax incentive first approach 16 17 and social policy lowered to approximately 2 2 trillion The bill was passed 220 213 by the House of Representatives on November 19 2021 In December 2021 amidst negotiations and parliamentary procedures Senator Joe Manchin publicly pulled his support from the bill citing its cost and a too aggressive transition to clean energy 18 then retracted support for his own compromise legislation This effectively killed the bill as it needed 50 senators to pass via reconciliation and all 50 Republican senators opposed it In the summer of 2022 Manchin and Senate Majority Leader Chuck Schumer engaged in negotiations over a revised reconciliation bill with about 1 trillion in revenue from tax reform 500 billion in climate and health care spending and 500 billion in deficit reduction 19 However Manchin announced abruptly on July 14 2022 that he wouldn t support new climate spending or tax reform due to his fear that the bill would worsen inflation 20 He later stated that he would be open to revisiting those elements a few months later provided that inflation slowed meaningfully 21 Biden nonetheless conceded defeat on a climate bill urging Congress to pass whatever Manchin would agree to a slim 280 billion health care bill that would acquire its revenue from allowing Medicare to negotiate prices and spend 40 billion on Affordable Care Act subsidies 22 19 Unbeknownst to nearly everyone in Washington Manchin and Schumer reengaged in secret negotiations on July 18 2022 23 On July 27 hours after the Senate passed the CHIPS and Science Act 3 the two men released a statement announcing the 891 billion Inflation Reduction Act of 2022 which included climate spending and tax reform 24 The sudden deal was widely regarded as a shocker as Democrats had voiced that there was little hope for a revival of their climate and tax priorities in addition to Manchin himself being rather pessimistic on the prospect of an expanded bill in public 25 As the revised bill made its way through the chambers of Congress the new reality of Biden unexpectedly having a clear path to enacting substantial portions of his domestic agenda into law led to a wide reevaluation of the success of the Biden presidency thus far and was expected to give the President and his party a boost in the 2022 midterm elections 26 27 28 Legislative history edit nbsp President Joe Biden signing the bill into law in the State Dining Room of the White House on August 16 2022 L R Senator Joe Manchin D WV Senate Majority Leader Chuck Schumer D NY Rep Jim Clyburn D SC Rep Frank Pallone D NJ and Rep Kathy Castor D FL The Build Back Better Act which passed the House on September 27 2021 was used by the Senate as the legislative vehicle for this legislation On August 6 2022 Senate Majority Leader Chuck Schumer proposed an amendment which would replace the text of the previously passed bill with the text of the Inflation Reduction Act of 2022 This substitute amendment was later adopted 29 Schumer s lead staffer Gerry Petrella recalls the surprise phone call came from Manchin s office just prior to the August recess and the breakthrough negotiations occurred on the final summer weekend 30 On August 7 2022 following the vote a rama an unlimited marathon voting session on amendments that lasted nearly 16 hours the Senate passed the bill as amended on a 51 50 vote with all Democrats voting in favor all Republicans voting against and Vice President Kamala Harris breaking the tie 5 On August 12 2022 the bill was passed by the House on a 220 207 vote with all Democrats voting in favor and all Republicans voting against it 6 On August 16 2022 the bill was signed into law by President Joe Biden 31 Provisions editOver a period of 10 years the law is estimated to raise revenue from 32 33 34 Prescription drug price reform to lower prices including Medicare negotiation of drug prices for certain drugs starting at 10 new ones per year by 2026 increasing to more than 20 additional ones per year 35 by 2029 36 37 and rebates from drug makers who price gouge 281 billion 7 36 37 Imposing a selective 15 corporate minimum tax rate for companies with higher than 1 billion of annual financial statement income 222 billion Increased tax enforcement 181 billion 7 38 Imposing a 1 excise tax on stock buybacks 74 billion 2 year extension of the limitation on excess business losses 53 billion 7 In the same time period it would spend this revenue on 32 39 Addressing domestic energy security and climate change including funding for drought resiliency in western states 783 billion 7 8 Continuing for three more years the expansion of Affordable Care Act subsidies originally expanded under the American Rescue Plan Act of 2021 64 billion Changes to Medicare Part D low income subsidies vaccine coverage and insulin 44 billion 7 Increased funding for the IRS for modernization and increased tax enforcement including the hiring of up to 87 000 new IRS employees 80 billion 38 40 663 billion of the law s climate action investments are embedded in the federal tax code 41 8 As part of the overall investment into clean energy the law created a green bank 42 43 44 extended the solar investment tax credit for 10 years 45 and invested 30 billion in nuclear power It also invests 12 billion in electric vehicle incentives 14 billion in home energy efficiency upgrades 22 billion in home energy supply improvements and 37 billion in advanced manufacturing 46 32 The latter amount includes 5 46 billion for a DOE program for zero emissions industrial tech demonstrations 47 48 10 billion for the renewed 48C tax credit and more than 5 billion to the USDOT and GSA to lower embedded emissions in procurement 49 19 5 billion goes to investments in climate smart agriculture more than 5 billion goes to revising remediation programs for those affected by discriminatory USDA lending practices 5 billion goes to forest protection and urban heat island reductions and nearly 3 billion goes to coastal habitat protection 50 51 52 Alternatively the Act s climate investments can be summarized as follows 220 372 billion in energy 67 183 billion in manufacturing 28 48 billion in building retrofits and energy efficiency 33 436 billion in transportation 22 26 billion in environmental justice land use air pollution reduction and or resilience and 3 21 billion in agriculture 53 54 55 56 57 The law contains provisions that cap insulin costs at 35 month and will cap out of pocket drug costs at 2 000 for people on Medicare among other provisions 32 36 37 Several provisions in the initial deal between Schumer and Manchin were changed after negotiations with Senator Sinema a provision narrowing the carried interest loophole was dropped a 1 excise tax on stock buybacks was added manufacturing exceptions were added to the corporate minimum tax and funding for drought relief for western states was added 58 59 60 Projected impacts editEconomic edit nbsp Inflation Reduction Act summary graphic from the White HouseThe CBO estimated that the Act would have no statistically significant effect on inflation 61 The Penn Wharton Budget Model also estimated that the Act would have no statistically significant effect on inflation and initially projected that it would reduce cumulative deficits by 264 billion 62 Its second analysis with a higher projection of total spending does not include deficit reduction 55 The nonpartisan Committee for a Responsible Federal Budget analyzed the Act and concluded that the deficit reduction along with other elements of the bill is likely to reduce inflationary pressures and thus reduce the risk of a possible recession 63 It further estimates that the Act would reduce the federal deficit by 1 9 trillion over a 20 year period This figure includes the resulting savings on interest payments 64 The World Economic Forum a Swiss business lobbying non profit 65 states in the medium to long term the impact of the IRA is likely to be deflationary and cites a prediction by the University of Massachusetts that the law will generate 912 000 jobs per year 66 The Tax Foundation a fiscally conservative think tank stated that the Act may actually worsen inflation by constraining the productive capacity of the economy It estimated the Act would result in a loss of 29 000 full time equivalent jobs and a 0 2 reduction in GDP while resulting in 324 billion of additional revenues which would go towards deficit reduction 67 Modeling by the Energy Innovation group a nonpartisan energy and climate think tank estimated that this bill would lead to the creation of 1 4 million to 1 5 million additional jobs and increase the GDP 0 84 0 88 by 2030 68 The climate think tank Rocky Mountain Institute estimated that if businesses and consumers take sufficient advantage of the Act s provisions to meet national climate goals Texas would see investments of 131 billion creating 116 000 jobs California would see 117 billion creating 140 000 jobs Florida 62 billion creating 85 000 jobs and Illinois 38 billion creating 42 000 jobs 69 The same analysis notes that the states seeing the four largest per capita investments from the Act ranging between roughly 7 000 and 12 000 would be Wyoming North Dakota West Virginia and Louisiana all Republican leaning states 69 70 Energy and climate change edit The Inflation Reduction Act is the largest piece of federal legislation ever to address climate change 71 According to the CBO and JCT it will invest 783 billion in provisions relating to energy security and climate change 7 8 This includes 663 billion in tax incentives 8 and 27 billion for a green bank created by amending the Clean Air Act 72 73 42 However other forecasts differ from the CBO s and JCT s reports A report by Credit Suisse projects that the total climate spending in the Act would be 800 billion 56 57 74 Goldman Sachs predicts a total of 1 2 trillion the Penn Wharton Budget Model predicts 1 045 trillion and an analysis by the Brookings Institution finds a central case of 902 billion 75 55 76 The summary provided by Senate Democrats identifies primary goals as driving down consumer energy costs increasing energy security and reducing greenhouse gas emissions with an emphasis on neutral treatment of technology choice for the energy tax credits as described by Ron Wyden 16 17 According to science communicator Hank Green the largest allocation areas are 128 billion for renewable energy and grid energy storage 30 billion for nuclear power 12 billion for electric vehicle incentives 14 billion for home energy efficiency upgrades 22 billion for home energy supply improvements and 37 billion for advanced manufacturing 46 The latter amount includes 5 46 billion for a DOE program for zero emissions industrial tech demonstrations 47 48 10 billion for the renewed 48C tax credit and more than 5 billion to the USDOT and GSA to lower embedded emissions in procurement 49 An assortment of additional measures includes 32 billion for investments in rural economies racial justice in farming forestlands and coastal habitats 3 billion in tax incentives for installing carbon capture and storage at existing power plants 3 billion to electrify the USPS fleet 3 billion to reconnect neighborhoods harmed by infrastructure potentially via freeway removal investments in sustainable aviation fuel grants for high voltage electric power transmission and decarbonization of port equipment garbage trucks school buses and local government fleets and purchases of rural electric cooperative debt alongside other assistance to cooperatives 77 50 46 51 78 Climate scientist Miriam Nielsen s alternative summary of the Act s climate provisions using much broader categories and rough estimates from Ben Beachy of the BlueGreen Alliance 53 is as follows 220 billion in energy 67 billion in manufacturing 48 billion in building retrofits and energy efficiency 33 billion in transportation 26 billion in environmental justice land use and resilience and 21 billion in agriculture 54 Wharton s estimates however yield 372 billion in energy 183 billion in manufacturing 28 billion in building retrofits and energy efficiency 436 billion in transportation 22 billion in air pollution reduction and 3 billion in agriculture 55 Credit Suisse projects at least 250 billion in advanced manufacturing tax credits and 326 billion in energy tax credits will be used 56 57 The Act aims to decrease residential energy costs by focusing on improvements to home energy efficiency Measures include 9 billion in home energy rebate programs that focus on improving access to energy efficient technologies and 10 years of consumer tax credits for the use of heat pumps rooftop solar and high efficiency electric heating ventilation air conditioning and water heating The Act extends the 7 500 Section 30D tax credit 79 for the purchase of new electric vehicles while also providing a 4 000 tax credit toward the purchase of used electric vehicles in an effort to increase low and middle income access to this technology 80 This is projected to lead to an average of 500 in savings on energy spending for every family that receives the maximal benefit of these incentives 81 The Act includes a 30 tax credit 1 200 to 2 000 per year and different types of rebates reaching 14 000 for homeowners who will increase the energy efficiency of their house In some cases all upgrade expenses will be returned 82 The Act changes the Section 45V tax credit to offer increased percentages to green hydrogen and pink hydrogen producers for each kilogram produced via electrolysis of water allowing 100 percent coverage for very low carbon methods thus potentially enabling more than 100 billion 56 in forgone revenue to go toward building the hydrogen economy On December 22 2023 the Treasury Department released its proposed guidance on eligibility It mandates that most of these electrolyzers must be placed near new clean energy production sites the principles of geographic correlation deliverability and additionality new supply and run at the same time as peak supply periods the principle of hourly matching 83 84 85 86 87 88 The Act allocates 3 billion for helping disadvantaged communities with transportation matters including reconnecting communities separated by transport infrastructure assuring safe and affordable transportation and community engagement activities 80 This should improve transit oriented development 89 Projects improving connectivity and walkability in these neighborhoods can get grants reaching 80 100 of the overall cost 90 The Act also supports biking 91 There are also funds allocated to national clean energy production This includes the continuation of the production tax credit 30 billion and investment tax credit 10 billion toward clean energy manufacturing including solar power wind power and grid energy storage Modifications to these credits effectively allow the federal government to predictably and directly pay utility cooperatives and publicly owned utilities without them needing to attract investment firms in a manner similar to the Earned Income Tax Credit 92 Some 14 billion of the clean energy package will go to rural areas and include building biofuel infrastructure 80 78 This includes 9 5 billion for a new grant program called Empowering Rural America with cooperatives encouraged to apply during a window from July 31 to September 15 2023 93 The Act also provides funds toward the decarbonization of the economy in other areas providing various tax credits and grants and loans toward decarbonizing the industrial and transportation sectors One 27 billion competitive grant program is a green bank called the Greenhouse Gas Reduction Fund intended to capitalize smaller regional green banks 94 The Act established it by amending the Clean Air Act The Fund will award 14 billion to a select few green banks nationwide for a broad variety of decarbonization investments 6 billion to green banks in low income and historically disadvantaged communities for similar investments and 7 billion to state and local energy funds for decentralized solar power in communities with no financing alternatives 72 73 42 43 44 The EPA set the deadline to apply for the first two award initiatives for October 12 2023 95 and the Solar for All initiative for September 26 2023 96 The grant package also includes a program to reduce methane emissions from production and transportation of natural gas The Act also provides for a focus on communities and environmental justice by providing several grants targeting historically marginalized and disadvantaged communities that have been disproportionally impacted by environmental pollution and climate change 80 The Act also allocates funds for rural communities racial and economic justice in farming marine ecosystems and forestland including 19 5 billion to invest in climate smart agriculture split into 8 45 billion for the Environmental Quality Incentives Program 4 95 billion for the Regional Conservation Partnership Program 3 25 billion for the Conservation Stewardship Program and 1 40 billion for the Agricultural Conservation Easement Program 1 billion for conservation technical assistance 300 million for a carbon sequestration and emission inventory program and 100 million in administrative expenses 5 billion to invest in forest conservation and urban tree planting split into 2 15 billion for the National Forest System and 2 75 billion for other forests including in urban areas 3 1 billion to help farmers with high risk operations caused by USDA backed loans 2 6 billion to protect and restore coastal habitats and 2 2 billion to redress proven claims from socially disadvantaged farmers and ranchers of discrimination by the USDA s lending programs as well as 125 million for technical assistance outreach and mediation 250 million for land loss assistance such as heirs property and fractionated land 250 million for agricultural education emphasizing scholarships and career development at historically Black tribal and Hispanic colleges and 10 million for equity commissions at USDA 52 80 50 78 51 The Act should cut the global greenhouse gas emissions by a level similar to eliminating the annual planet warming pollution of France and Germany combined and may help to limit the warming of the planet to 1 5 degrees Celsius the target of the Paris Agreement 97 98 With the Act and additional federal and state measures the USA can fulfill its pledge in the Paris Agreement 50 greenhouse gas emissions reductions by the year 2030 99 100 101 An assessment by the Rhodium Group an independent research firm estimated it would reduce national greenhouse gas emissions 32 42 below 2005 levels by 2030 compared to 24 35 under current policy while reducing household energy costs and improving energy security 99 Furthermore Rhodium Group projects that the nuclear provisions in the Act are likely to keep much if not all of the nation s nuclear reactors that are at risk of retiring estimated to be 22 38 of the fleet online through the 2030s 102 A preliminary analysis by the REPEAT Project of Princeton University estimated that the investments made by the law would reduce net emissions 42 below 2005 levels compared to 27 under current policies including the Infrastructure Investment and Jobs Act 103 104 The Energy Innovation group estimated the reduction of greenhouse gas emissions at 37 41 below 2005 levels in 2030 compared to 24 without the Act 105 106 This estimate of the greenhouse gas emission reduction lines up with the figure provided by the Act s authors which is a 40 reduction in carbon emissions relative to 2005 levels 107 Modeling from the nonpartisan research institution Resources for the Future indicates the Act would decrease retail power costs by 5 2 6 7 over a ten year period resulting in savings of 170 220 per year for the average U S household The modeling also predicts that the Act would tend to stabilize electricity prices 108 109 The Act would help foster a tripling in the size of the American solar power industry and provide unprecedented investment security according to a September 2022 report by the trade group Solar Energy Industries Association 110 In reaction to the Supreme Court case West Virginia v EPA which limited the EPA s authority to institute a program such as the Obama era Clean Power Plan Title VI of the IRA amended the Clean Air Act to explicitly designate carbon dioxide hydrofluorocarbons methane nitrous oxide perfluorocarbons and sulfur hexafluoride as air pollutants to unambiguously provide the EPA congressional authorization to regulate carbon dioxide and other greenhouse gases as well as to promote renewable energy 111 112 Drug prices edit One of the most consequential aspects of this act is the increased negotiating power granted to Medicare Before the enactment of the Inflation Reduction Act Medicare was notably restricted in its ability to negotiate drug prices directly with pharmaceutical companies This limitation often resulted in higher costs for both the program and its beneficiaries With the new rule Medicare now engages directly with drug manufacturers aiming to secure more favorable pricing agreements This development has the potential to significantly alter the landscape of drug pricing especially for high cost medications under Medicare Part D 113 The Congressional Budget Office projects the Medicare drug price negotiations will save the government 98 5 billion over the next decade 63 114 The savings will be used to increase Medicare Part D benefits 35 115 116 Together these drugs amounted to more than 45 billion in Medicare Part D spending from June 2022 to May 2023 117 In September of 2023 Medicare announced the first 10 drugs selected for negotiations under the agency s drug price negotiation program This list includes treatments for Diabetes Farxiga Fiasp NovoLog Januvia Jardiance Blood diseases Eliquis Xarelto Imbruvica Heart failure Entresto Farxiga Psoriasis Stelara Enbrel Rheumatoid arthritis Enbrel Crohn s disease Stelara 118 114 Taxes and distributional impact edit nbsp U S Treasury Department estimates of unpaid taxes indicate that over half of all unpaid taxes are attributable to the top 5 of earners 119 Excerpts from the nonpartisan JCT indicated that the legislation might lead to increased payments on personal taxes for Americans of all incomes an increase in 16 7 billion for taxpayers earning less than 200 000 a year 14 1 billion for taxpayers earning between 200 000 and 500 000 and 23 5 billion for taxpayers earning over 500 000 This calculation was based on the assumption that companies would indirectly pass on parts of the minimum corporate tax to employees an assumption that was criticized by Steven M Rosenthal a senior fellow at the nonpartisan Tax Policy Center TPC 120 Economist William G Gale who is also co director of the TPC comments that it is important to consider that the calculations by the JCT did not take into account the provisions in the Act that would extend premium tax credits for health plans for low and middle income taxpayers provide households with tax credits for making their property more energy efficient and lower the price of prescription drugs 121 The Tax Policy Center estimated that the bottom 80 tax filers by income would receive a net benefit if ACA premium tax credits subsidies are included The 80th 99th percentile would incur a small cost 0 0 1 increase in average federal tax rate while the top 1 would incur a 0 2 increase The costs mainly are imposed indirectly as corporations facing higher taxes may reduce the wage increases or levels for workers individual tax rates were not changed 122 Implementation and results editEconomy edit Research from climate policy analyst Jack Conness has revealed that 98 billion worth of 143 climate friendly tech manufacturing investments within the United States have been announced by companies since the passage of the Inflation Reduction Act creating 80 200 projected jobs as of December 20 2023 update when considered together with CHIPS Act investments the total comes out to 171 projects worth 255 billion creating 105 600 jobs 123 124 84 125 48 126 Citing Conness research up to her reporting date Nichola Groom of Reuters noted on March 7 2023 that 43 5 billion of these investments will be in right to work law states that allow laborers to not join a labor union in a represented workplace in contravention of Biden s policy theme of supporting the labor movement 127 Conness found that due to the Act s incentives North Carolina would receive the individual project creating the most jobs 12 6 billion from Toyota in battery plants while Georgia would host the most projects 23 the most new jobs overall 13 419 the second most jobs created by an individual project 3 350 and the largest dollar amount in overall investments 15 5 billion followed by North Carolina s 13 7 billion and South Carolina would receive the individual project with the most jobs created 4 000 More of the Act s investments in dollars went to counties with majorities that voted for Donald Trump in 2020 68 958 150 000 than for Biden 27 931 050 000 74 percent of the Act s investments were in batteries while electric vehicle and solar investments each made up 11 percent 123 128 129 In a November 2023 report the interest group Environmental Entrepreneurs and the research firm BW found 210 announced projects directly linked to the Inflation Reduction Act in the first year since its signing They stated that the projects would create nearly 403 000 jobs more than 100 000 of which would be permanent 130 According to editor in chief Jeff St John of Canary Media During the projects construction phases assumed to last five years from project announcement to completion the report estimates the creation of 142 300 direct jobs 55 900 indirect jobs and 105 300 jobs induced by the direct and indirect workers spending their wages More than 185 000 of these jobs would be in electric vehicles 48 795 would be in battery storage 42 100 would be in solar and wind power 21 322 would be in clean fuels and nearly 5 600 would be in electric power transmission and distribution 131 The authors project that the Act would bring about 156 billion added to U S GDP 111 billion in new wages for workers and more than 32 billion generated in tax revenue for federal state and local governments 130 Wellesley College professor of environmental studies Jay Turner said that as of September 23 2023 update the Act fostered 58 4 billion in 67 new investments in the electric vehicle supply chain creating a projected 42 195 new jobs across the United States Canada and Mexico 132 The League of Conservation Voters Center for American Progress and Sierra Club affiliated research firm Climate Power estimated that the Act spurred 89 5 billion of investments in over 90 new projects creating 101 036 predicted clean energy related jobs in 31 states between August 16 2022 and January 31 2023 and that while Georgia Michigan and Texas saw eight new IRA linked projects each the most of any states Georgia Idaho and Tennessee would see the largest overall investments by dollar amount ranging from 10 4 billion to 15 3 billion and Kansas Georgia and Tennessee would see the most jobs created 133 134 In August 2023 the Solar Energy Industries Association reported that the Act had created more than 20 000 jobs and incentivized 20 billion in new solar power tech manufacturing and 155 gigawatts of generating capacity in the law s first year and projected it would incentivize 144 billion more in such investments by 2033 than under a no Act scenario 135 The trade group American Clean Power s January 2023 assessment of business announcements of IRA linked investments in renewables and battery plants during the period between the Act s signing and November 30 2022 yielded a figure of over 40 billion creating 6 850 jobs 80 percent of these investments are in Republican held districts mostly in the Great Plains or South 70 136 Its August 2023 update recorded a total of 97 manufacturing investments worth 270 billion spurred by the Act between the August 16 enactment date and July 31 2023 83 with defined locations with the majority of these being solar power tech plants American Clean Power estimates these investments are worth more than all those made in the previous eight years combined and will create 29 780 new jobs and 4 5 billion in customer savings 137 According to the New Democrat linked think tank Center for American Progress the Act the CHIPS and Science Act and the Infrastructure Investment and Jobs Act have together catalyzed over 35 000 public and private investments 138 The Biden administration itself claimed that as of December 22 2023 update the IIJA CaSA and IRA together catalyzed over 640 billion in private investment including 234 billion in electronics and semiconductors 157 billion in electric vehicles and batteries 133 billion in clean power and 75 billion in the clean energy industry and over 425 3 billion in public infrastructure spending including 37 3 billion in energy aside from tax credits in the IRA 139 Environment edit According to Rhodium Group and the World Economic Forum in the first year of implementation the Act had a significant impact on the environment The Rhodium Group s expectations for GHG emissions reductions by the year 2030 relative to the level of 2005 moved from 17 30 to 29 42 and to a 32 51 decline by the year 2035 More than 170 000 green jobs were created The sales of heat pumps exceeded the sales of gas boilers for the first time in history 15 of households now use a heat pump as a primary source of heating The United States Environmental Protection Agency used dozens of millions of dollars to improve air quality and hundreds of millions for environmental justice and local climate plans The National Oceanic and Atmospheric Administration spent hundreds of millions for protecting coastal communities and ecosystems from the impact of climate change More than 1 billion is allocated to equitable access to urban trees 140 141 142 The law significantly enlarged the tax credit market It includes significant tax credits for companies making products considered environmentally friendly but small companies tend not to pay enough taxes so the law doesn t help them The law allows such companies to sell their tax credits to larger companies The market is expected to reach 80 billion per year and help those large companies 143 The governors of four states Florida South Dakota Iowa and Kentucky refused to accept decarbonization grants from the Act The Act allows the forfeited money 3 million per state to go to the three largest metropolitan areas in each state instead though cities such as Davenport Iowa and Sioux Falls South Dakota have still refused the money 144 145 Energy efficiency edit Significant improvements were achieved in the domain of green building through the installation of efficient heating ventilation and air conditioning systems and more 146 For the first 8 5 billion in home rebate programs the Department of Energy released its first draft guidance for states on July 27 2023 The guidance entails the DOE distributing 4 3 billion to states to work with the DOE to create rebate programs for whole home upgrades and 4 28 billion to states for appliance replacement rebates with the suggestion that half the money go to households below 80 percent of area median income 147 148 Ecosystems edit In 2023 an agreement between seven states Arizona California Colorado Nevada New Mexico Utah and Wyoming 149 was achieved aiming to preserve the Colorado River water system from collapse due to poor management and climate change The United States is heavily dependent on the river for power generation drinking water agriculture wildlands restoration and native cultural practices Some states will reduce water use receiving 1 2 billion in compensation for it from the federal government Many other projects for preserving the river such as water recycling and rainwater harvesting are being advanced The funding comes from the Infrastructure Investment and Jobs Act and the Inflation Reduction Act 150 151 According to a Biden administration statement in the first year of implementation around 2 billion was allocated to protect and restore land and marine ecosystems including National Parks and the National Wildlife Refuge System 152 150 million was given to small and underserved forest owners and intended to link them to climate markets providing incentives to conserve the forests 153 In November 2023 the Biden administration announced it would provide the National Parks System 166 million for ecosystem resilience and environmental planning 154 Sustainable agriculture edit This section needs expansion You can help by adding to it October 2023 From October 2022 to September 2023 more than 850 million dollars was given by the Natural Resources Conservation Service to its Environmental Quality Incentives Program Conservation Stewardship Program Regional Conservation Partnership Program and Agricultural Conservation Easement Program to advance sustainable agriculture 155 Environmental justice edit In October 2023 the United States Environmental Protection Agency allocated 128 million to 186 projects linked to environmental justice 104 million comes from the Inflation Reduction Act The projects are designed to solve pollution and climate related disasters in underserved communities The projects include creating parks for addressing floods protecting Duck Valley Indian Reservation natural and cultural resources teaching children about repairing clarification needed and more 156 The full list of projects with short descriptions has been published 157 158 In November 2023 the Biden administration announced the Department of the Interior would be spending 20 million to establish the Kapapahuliau Climate Resilience Program named for the process of navigating through rough seas and winds to the Native Hawaiian community for climate adaptation and resilience The deadline to apply for program award grants is February 29 2024 154 159 It also announced the EPA would spend 2 billion on its new Community Change Grants Program 160 for partnerships between local nonprofits governments and indigenous tribes and colleges and universities to deploy clean energy strengthen climate resilience and build community capacity to respond to environmental and climate justice challenges 154 Drug prices edit The Biden administration announced the first ten drugs to have their prices negotiated in 2026 by Medicare on August 29 2023 They are Eliquis Jardiance Xarelto Januvia Farxiga Entresto Enbrel Imbruvica Stelara and Fiasp and NovoLog The list selection made by the Centers for Medicare amp Medicaid Services was based on whether these drugs lacked competition how much they cost Medicare and how long they have been on the market 114 118 The manufacturers Bristol Myers Squibb Boehringer Ingelheim Janssen Pharmaceuticals Merck AstraZeneca Novartis Immunex Pharmacyclics and Novo Nordisk had until October 1 2023 to declare their intent to participate upon penalty of a large excise tax or they would withdraw their drugs from Medicaid and Medicare 114 The Biden administration announced two days later that all companies had agreed to the negotiations 161 The Medicare drug price negotiation provisions are facing eight protest lawsuits filed by drug manufacturers and the U S Chamber of Commerce variously claiming that the federal government is violating the First Fifth and Eighth Amendments to the Constitution which deal with freedom of speech just compensation for takings and excessive fines 117 162 Larry Gostin a public health and legal scholar told The New York Times that he does not expect the provisions to be upheld by the Supreme Court of the United States 114 163 162 A second wave of lawsuits likely focusing on the price negotiations bureaucratic process is expected in the coming weeks according to Stephen Ubl CEO of the pharmaceutical industry lobbying group PhRMA 164 Some legal commentators speculate the cases are intended to produce a variety of rulings across the federal courts making it more likely for the Supreme Court to hear them 165 While the healthcare investors consulting firm Avalere claimed in July 2022 that 455 billion in revenue would be lost by drug manufacturers 166 and the trade group Vital Transformation claimed 139 fewer new drugs would be approved over the next decade due to the Act 167 the Congressional Budget Office projects only one fewer drug will be approved than without the Act over the next decade five fewer over the succeeding decade and seven fewer over the decade after that 163 35 Taxation edit Treasury Secretary Janet Yellen directed IRS Commissioner Charles Rettig to not use the new funding allocated in the Act to increase the rate of audits of those making less than 400 000 a year above historical levels but to instead focus on high end noncompliance 168 A Treasury report indicated that half of the funding would be allocated to preventing tax evasion from large corporations and wealthy individuals 169 The Treasury and Internal Revenue Service published guidance on eligibility for electric vehicle owners to claim tax credits worth between 3 500 and 7 500 including outlining a requirement for the vehicle to have a final assembly in North America The Department of Energy and the Department of Transportation also published resources identifying vehicles that will likely meet all requirements for tax credit 170 171 The Department of Energy indicated that their list of eligible vehicles is not a guarantee for credit and states that the Vehicle Identification Number VIN will give full manufacturing details and locations 172 Those qualified will receive the tax credits known as the Clean Vehicle Credit previously called the Qualified Plug In Electric Drive Motor Vehicle Credit The US Treasury Department has also stated that owners who purchase eligible vehicles previous to August 16 2022 but did not possess the vehicle until after that date also qualify for the Clean Vehicle Credit 173 However because of the requirement that qualified EVs must have half or more of its battery materials built in the US 174 and at least 40 percent of materials sourced from North America or a US trading partner by 2024 with this minimum percentage meant to increase each year 174 and the batteries cannot contain minerals that were extracted processed or recycled by a foreign entity of concern most currently available EVs on the market will not qualify for the tax credits 175 176 The Treasury released its next draft guidance for EV buyers on March 31 2023 effective immediately with finalization expected in June the allowed materials source list includes the 20 United States free trade agreements partners and Japan 174 Additional tax credits were presented in the Act for energy efficiency in buildings expanding current incentives in a tier based system beginning in 2023 177 The Act specifies that commercial buildings must update efficiency by 25 compared to a reference building to qualify for 0 50 per square foot of tax credit for the first tier increasing to a maximum of 5 00 per square foot for the final tier The tax credits also extends to single and multi family housing requiring 50 less annual energy consumption compared to similar units 171 Vincent Barnes a senior vice president from Alliance to Save Energy in Washington D C stated that these policies were meant to reduce energy costs and demand on the power grid 178 The Treasury Department also clarified on May 12 2023 that in order to be eligible for select tax credits solar panel manufacturers and installers need to source at least 40 percent of their components in total from within the U S regardless of solar cell origin thereby creating a compromise between solar panel installers who favored keeping Chinese imports cheap and domestic solar cell manufacturers who want to build more factories in America 179 Per state edit Florida edit The state received 3 75 million for urban forests and nature conservation 209 000 for fighting pollution and 78 7 million to protect the state from climate change impacts the third amount is from the Infrastructure Investment and Jobs Act and the Inflation Reduction Act combined However the governor Ron DeSantis refused to accept 346 million for rebates to homeowners who will want to retrofit their houses for energy efficiency 3 million to fight pollution a program for helping low income people buy solar panels as well as 24 million from the Infrastructure Investment and Jobs Act for improving sewage systems in rural areas 180 DeSantis later reversed course and attempted to reclaim some of the rejected home energy rebate funds 181 The money can go to local cities and authorities Three cities in Florida accepted some amounts Other states want to take the money forfeited by Florida for themselves namely Rhode Island and Kentucky 182 The funds for the rebates were requested by the Florida state energy office and the legislature but DeSantis vetoed them He is the only governor who did so The program was intended to help people to lower their energy bills and create jobs Half of the money would have gone to low income households 182 Making a house more energy efficient can cut utility bills by 25 for an average family in Florida 183 Part of the money would have gone to weatherization of houses 184 Texas edit Some aspects of the law are the same as in other states while some are specific to Texas Considerable tax credits and tax rebates are afforded House weatherization solar energy electric vehicles are advanced House weatherization can save around 283 per year for an average family in Texas while raising the value of the property and reducing air pollution in the same time Some improvements can be made for free to low income households The cost of an energy audit is reduced by 30 and some can even get it for free 185 A third of Texas households can get a 100 rebate for installing a heat pump generally costing US 8 000 186 Forest protection is advanced and farms that adopt climate friendly practices get economic incentives 187 Reactions editSenator Joe Manchin D WV issued a statement for his support of the bill 188 President Joe Biden also stated his support for the proposed bill 189 On August 4 Senator Kyrsten Sinema D AZ issued a statement indicating that she would support the bill after striking a deal with fellow Democrats to change several tax provisions 190 Congressional Republicans have voiced unanimous opposition to the bill claiming the legislation would do little to combat inflation or would exacerbate it Senate Minority Leader Mitch McConnell R KY denounced the legislation as reckless spending and Ranking Member of the Senate Budget Committee Lindsey Graham R SC called it insanity In a letter sent to congressional leadership and touted by Senate Democrats 126 economists including Robert Rubin Jack Lew Jason Furman Lawrence Summers Mark Zandi and Joseph Stiglitz wrote that the bill is more than fully paid for lowers prices for consumers and will lower inflation 191 192 In a letter sent to congressional leadership 230 economists including Vernon Smith Robert Heller Kevin Hassett Jim Miller and Larry Kudlow wrote that the bill will increase prices for consumers and will increase inflation 193 194 Tom Philpott an agriculture journalist writing in Wired praised the bill s investments in climate smart agriculture and remedies for USDA loan discrimination but heavily criticized Sinema s deletion of the carried interest loophole modification and the lack of provisions to expand funding for the National School Lunch Act and improvements to child nutrition as expressed in the original Build Back Better Act and for soil erosion prevention programs which enhance small scale carbon farming and encourage a shift away from monoculture dependent farming for ethanol fuel in the United States 51 Anna McGinn of the think tank Environmental and Energy Study Institute praised the Act for helping the U S meet its commitments to the Paris Agreement but criticized the Act for lacking commitments to loss and damage and other forms of climate related foreign aid as well as to creating a cohesive national climate strategy 100 The International Monetary Fund in its analysis of the Act cautioned that it could expose the U S to the beginnings of trade war but if implemented deftly the Act could strengthen diplomacy with Europe and help create special rules to advance the trade of clean energy 195 Commentators at the Center for Strategic International Studies and in The Diplomat along with United States Trade Representative Katherine Tai have acknowledged increased economic competition with China as one of many motivators behind the Act 196 197 198 Climate activists Miriam Nielsen Raya Salter and Heather Tanana examined the Act s effects eight months after passage and raised questions on whether the Act would provide tax credits and grants equitably mentioning the home energy upgrade grants and the Biden administration s Justice40 Initiative for racial justice whether the Act would disproportionately help larger environmental groups with more resources rather than smaller ones and how it would implement 4 billion in Western drought resilience grants and make accessing them easier 199 Public organizations edit Darren Woods the CEO of oil and gas energy giant ExxonMobil called the bill a step in the right direction and endorsed its provisions related to oil and gas 200 Multiple coal industry groups including the West Virginia Coal Association criticized the bill for obviating any need to innovate coal assets and doing nothing for coal or coal generation 201 Many mainstream environmental organizations supported the bill such as the Nature Conservancy the National Wildlife Federation and American Forests 202 203 The director of North America policy for the Nature Conservancy Tom Cors called the legislation historic while Aviva Glaser of the NWF called the infusion of spending transformative The Natural Resources Defense Council argued that despite continued acceptance of fossil fuels in the IRA its climate mitigation policies would outweigh their impact ten times over 204 Health and environmental justice organizations like Earthjustice have welcomed the law 205 However not all environmental groups expressed unqualified support Some environmentalists noted that the bill contained more carrots or incentives for positive behavior than sticks or new regulations 202 206 Several groups argued that as the legislation did not seek to eliminate fossil fuels entirely it was inadequate to meet the threat of climate change Jean Su the energy justice program director at the Center for Biological Diversity called the legislation a backdoor take it or leave it deal between a coal baron and Democratic leaders in which any opposition from lawmakers or frontline communities was quashed 207 The Climate Justice Alliance criticized the IRA saying that the strengths of the IRA are outweighed by the bill s weaknesses and threats posed by the expansion of fossil fuels and unproven technologies such as carbon capture and hydrogen generation 207 The heads of the National Cooperative Business Association National Rural Electric Cooperative Association National Farmers Union and National Council of Farming Cooperatives praised the IRA for its provisions assisting cooperatives in energy and agriculture particularly direct grants and debt forgiveness Cornelius Blanding head of the U S Federation of Southern Cooperatives also praised the IRA but expressed concern that its revisions of the American Rescue Plan s debt relief programs for minority farmers would worsen racial discrimination in agriculture 77 Cycling organizations criticized the IRA for removing the incentives for electric bicycles in the original Build Back Better Act having a better energy per incentive ratio and reaching a wider demographic than for electric cars remaining in the IRA 208 Sean Jeans Gail Vice President of Government Affairs and Policy at the Rail Passengers Association criticized the IRA saying It s a bitter pill in terms of rail and transit which is the one clearly established low carbon emission transportation systems we have going He also criticized the bill for being car centric 209 27 European Union finance ministers have expressed serious concerns about the financial incentives of the Inflation Reduction Act and are considering challenging it They have listed at least nine points in the legislation which they say could be in breach of World Trade Organization rules They were opposed to the subsidies for consumers to buy North American assembled electric cars as EU officials believe the subsidies discriminate against European carmakers One EU official told CNBC that there is a political consensus among the 27 ministers that this plan threatens the European industry 210 211 212 and its supply of raw materials 213 In February 2023 the European Commission announced it would propose the Net Zero Industrial Act similar to the IRA 214 in turn putting pressure on the United Kingdom 215 216 and South Korea 217 On March 10 2023 President Biden and President of the European Commission Ursula von der Leyen announced they would be initiating top level talks to mitigate issues of subsidy competition 218 213 212 Representatives from South Korea have also voiced similar concerns to Europe given that the legislation can also restrict Hyundai s and other South Korean carmakers business in the American market 217 219 220 210 Some members of the trade union United Auto Workers including former vice president Cindy Estrada have obliquely commented to The American Prospect that the Inflation Reduction Act s implementation regarding prevailing wage requirements and collective bargaining rights particularly at electric vehicle factories owned by startup companies may be weakened and if not properly implemented the Act could be linked to poor hiring practices and working conditions 221 Other labor union representatives from the AFL CIO Southwest Laborers District Council Ironworkers Local 848 and United Steelworkers told Reuters in March 2023 that investments announced due to the Act have not improved labor unions ability to organize particularly in right to work law states but that they were hopeful in pushing ahead 127 The Prospect s editor Robert Kuttner commented in January 2023 that the Treasury Department s interpretation of the Act regarding electric vehicle leasing could also potentially undermine the Act s U S domestic supply provisions in favor of European or Chinese suppliers 211 Manchin expressed disappointment with the Treasury s new guidance and its more lenient provisions for foreign trading partners upon its release on March 31 174 On December 18 he wrote a letter to Gene Dodaro head of the Government Accountability Office asking for a legal opinion on if Congress can overturn the Treasury guidance on Section 30D on the basis that it is technically a proposal and not finalized but is being enforced as the latter 222 223 On December 13 2023 Manchin also expressed his disappointment with the Biden administration s implementation of his Section 45V tax credit for clean hydrogen after the draft guidelines were leaked claiming it was horrible and too stringent beyond his intent for the credit 224 Manchin later said he would bring a lawsuit against the Biden administration upon release of the guidelines Constellation Energy the United States largest nuclear power plant operator said it would pull back on green and pink hydrogen projects if the guidelines were released 225 See also editList of acts of the 117th United States Congress Energy in the United States Energy policy of the United States including the Infrastructure Investment and Jobs Act and CHIPS and Science Act List of tie breaking votes cast by the vice president of the United States 2021 2023 inflation surgeNotes edit A portion of the new IRS funding was rescinded in the Fiscal Responsibility Act of 2023 References edit Dennis Brady August 14 2022 As Congress funds high tech climate solutions it also bets on a low tech one Nature The Washington Post Retrieved August 29 2022 Kaufman Anna September 23 2022 What is the Inflation Reduction Act 2022 Answering your common questions about the bill USA Today Archived from the original on March 9 2023 Retrieved March 9 2023 a b c Everett Burgess July 27 2022 Manchin and Schumer announce deal that includes energy taxes Politico Retrieved July 27 2022 Zhou Li July 28 2022 How Democrats plan to overhaul taxes climate spending and health care before the midterms Vox Retrieved July 30 2022 a b Senate passes Democrats sweeping climate health and tax bill delivering win for Biden www cbsnews com August 8 2022 Retrieved August 12 2022 a b House passes Inflation Reduction Act sending climate and health bill to Biden Washington Post ISSN 0190 8286 Retrieved August 12 2022 a b c d e f g CBO Scores IRA with 238 Billion of Deficit Reduction Committee for a Responsible Federal Budget September 7 2022 Retrieved September 21 2022 Note the original September 7 CBO estimates are 391 billion for climate action 108 billion for health care 281 billion from health savings and 457 billion from tax reform for a net total of 238 billion in deficit reduction a b c d e Repealing Inflation Reduction Act s Energy Credits Would Raise 663 Billion JCT Projects Tax Foundation June 7 2023 Retrieved June 12 2023 Nilsen Ella July 28 2022 Clean energy package would be biggest legislative climate investment in US history CNN Retrieved July 31 2022 Rappeport Alan August 4 2022 The I R S says new funding won t mean more audits for middle income Americans The New York Times ISSN 0362 4331 Retrieved August 10 2022 Tankersley Jim August 16 2022 Biden Signs Expansive Health Climate and Tax Law The New York Times ISSN 0362 4331 Retrieved August 18 2022 The Build Back Better Framework The White House Retrieved November 14 2021 Yarmuth John A March 11 2021 H R 1319 117th Congress 2021 2022 American Rescue Plan Act of 2021 Congress gov Archived from the original on February 26 2021 Retrieved April 29 2021 Fact Sheet The American Jobs Plan The White House March 31 2021 Retrieved March 31 2021 Fact Sheet The American Families Plan The White House April 28 2021 Retrieved April 29 2021 a b Dayen David September 26 2022 How Policy Got Done in 2022 The American Prospect Retrieved August 28 2023 a b Weissmann Jordan August 16 2023 How the Inflation Reduction Act was really born Semafor Retrieved August 28 2023 Seipel Arnie Hernandez Joe December 19 2021 Joe Manchin says he won t support President Biden s Build Back Better plan NPR Retrieved August 31 2022 a b Everett Burgess July 14 2022 Manchin s offer to Dems Take a health care deal or try again later Politico Retrieved December 31 2022 Cochrane Emily Friedman Lisa July 15 2022 Manchin Pulls Plug on Climate and Tax Talks Shrinking Domestic Plan The New York Times ISSN 0362 4331 Retrieved December 31 2022 Weissmann Jordan July 15 2022 Joe Manchin Just Knifed What Was Left of Biden s Agenda Slate Magazine Retrieved December 31 2022 Tankersley Jim Friedman Lisa Davenport Coral July 15 2022 Biden Concedes Defeat on Climate Bill as Manchin and Inflation Upend Agenda The New York Times ISSN 0362 4331 Retrieved December 31 2022 Lizza Ryan Daniels Eugene August 8 2022 Politico Playbook How it really happened The Inflation Reduction Act Politico Retrieved December 31 2022 Kevin Liptak Manu Raju Ella Nilsen Alex Rogers July 28 2022 How secret negotiations revived Joe Biden s agenda and shocked Washington CNN Retrieved August 13 2022 Manchin s latest shocker A 700B deal Politico July 27 2022 Retrieved August 13 2022 Biden suddenly is piling up wins Can Dems make it stick Politico August 9 2022 Retrieved August 13 2022 Montanaro Domenico August 12 2022 Biden s recent wins could give Democrats a boost heading into the midterms NPR Retrieved August 13 2022 Chait Jonathan August 12 2022 Joe Biden s Best Week Ever Intelligencer Retrieved August 13 2022 Yarmuth John A August 8 2022 Actions H R 5376 117th Congress 2021 2022 Inflation Reduction Act of 2022 www congress gov Retrieved August 12 2022 Emma Dumain 28 July 2023 Q amp A Former Schumer aide on IRA behind the scenes E amp E Daily website Retrieved 29 August 2023 Maegan Vazquez August 16 2022 Biden signs Inflation Reduction Act into law CNN Retrieved August 16 2022 a b c d Summary The Inflation Reduction Act of 2022 PDF Senate Democratic Leadership August 11 2022 Retrieved August 12 2022 Estimates from the United States Congressional Joint Committee on Taxation or Congressional Budget Office depending on the number Manu Raju and Ali Zaslav August 4 2022 Sinema says she will move forward on economic bill putting Biden s agenda on the cusp of Senate approval CNN Retrieved August 5 2022 Kimball Spencer August 12 2022 Passage of Inflation Reduction Act gives Medicare historic new powers over drug prices CNBC Retrieved August 16 2022 a b c Cubanski Juliette Neuman Tricia Freed Meredith September 22 2022 Explaining the Prescription Drug Provisions in the Inflation Reduction Act KFF Retrieved January 19 2023 a b c Sachs Rachel August 10 2022 Understanding The Democrats Drug Pricing Package Health Affairs Forefront Retrieved October 5 2022 a b c Cutler David M September 1 2022 Medicare Enters the Pharmaceutical Purchasing Business JAMA Health Forum American Medical Association AMA 3 9 e223630 doi 10 1001 jamahealthforum 2022 3630 ISSN 2689 0186 PMID 36218929 S2CID 252035393 a b CFP Kate Dore August 9 2022 With 87 000 new agents here s who the IRS may target for audits CNBC Retrieved August 10 2022 Shivaram Deepa August 12 2022 Democrats passed a major climate health and tax bill Here s what s in it NPR Retrieved August 12 2022 Democrats 80 billion wager A bigger IRS will be a better IRS Washington Post ISSN 0190 8286 Retrieved August 10 2022 Up from the CBO s original projection of 270 billion Bravender Robyn October 5 2022 Greenwire Podesta IRS get to work on climate law s tax incentives Politico Pro Retrieved October 8 2022 a b c Cherny Andrei August 22 2022 Commentary This little discussed provision in the Inflation Reduction Act just established the world s largest green lending program Fortune Retrieved October 22 2022 a b Yanez Barnuevo Miguel September 12 2022 New Climate Law Jumpstarts Clean Energy Financing Article EESI Retrieved November 7 2022 a b About the Greenhouse Gas Reduction Fund United States Environmental Protection Agency June 5 2023 Retrieved June 13 2023 Stevens Pippa July 28 2022 Solar stocks jump as Schumer Manchin announce climate spending deal CNBC Retrieved August 7 2022 a b c Green Hank August 12 2022 The Biggest Climate Bill of Your Life But What does it DO YouTube video Missoula Montana Vlogbrothers Event occurs at 10 minutes 50 seconds Retrieved October 6 2022 a b Biden Harris Administration Announces 6 Billion To Drastically Reduce Industrial Emissions and Create Healthier Communities Energy gov March 8 2023 Retrieved May 26 2023 a b c Dayen David May 25 2023 A Liberalism That Builds Power The American Prospect Retrieved May 26 2023 a b Fact Sheet Clean Manufacturing Investments in the Inflation Reduction Act PDF BlueGreen Alliance August 24 2022 Retrieved May 26 2022 a b c The Inflation Reduction Act Drives Significant Emissions Reductions and Positions America to Reach Our Climate Goals PDF Report United States Department of Energy Office of Policy August 2022 a b c d Philpott Tom August 20 2022 How the Inflation Reduction Act Affects Food and Agriculture Wired Retrieved October 20 2022 a b Jim Monke Kelsi Bracmort Megan Stubbs Katie Hoover August 10 2022 Inflation Reduction Act Agricultural Conservation and Credit Renewable Energy and Forestry Report Congressional Research Service Retrieved August 10 2023 a b Beachy Ben August 12 2022 Reconciliation Climate Energy and Environmental Justice Investments Google Sheets Retrieved May 24 2023 a b Nielsen Miriam May 24 2023 What s going on with the Inflation Reduction Act YouTube video New York NY Zentouro Event occurs at 3 minutes 4 seconds Retrieved May 24 2023 a b c d Update Budgetary Cost of Climate and energy provisions in the Inflation Reduction Act Penn Wharton Budget Model April 27 2023 Retrieved June 12 2023 a b c d Thomas Michael August 29 2023 The Climate Bill That Keeps On Giving Distilled Substack Retrieved August 29 2023 a b c Liu Alex Jiang Betty Mandloi Maheep Carlson Richard Hope Matt Ziffer Mike Campanella Nick Rosa Ariel Walsh John Kuske Andrew Tse Horace Kim Sang Uk Quiroga Vanessa Roberts John Chigumira Danielle Okusanya Tayo Oppenheim Dan Freshney Mark Leonard Christopher Woodworth Curt Abrams Randy November 30 2022 US Inflation Reduction Act A catalyst for climate action Credit Suisse Retrieved August 29 2023 Tully Mcmanus Katherine August 5 2022 Sinema s tax tweaks Politico Retrieved August 5 2022 Cochrane Emily August 5 2022 Sinema Agrees to Climate and Tax Deal Clearing the Way for Votes The New York Times ISSN 0362 4331 Retrieved August 5 2022 Bolton Alexander August 5 2022 Sinema announces deal with Schumer on taxes and climate The Hill Retrieved August 5 2022 Inflation Reduction Act Comparing CBO and PWBM Estimates Penn Wharton Budget Model August 5 2022 Retrieved August 11 2022 Senate Passed Inflation Reduction Act Estimates of Budgetary and Macroeconomic Effects Penn Wharton Budget Model August 12 2022 Retrieved August 15 2022 a b What s In the Inflation Reduction Act Committee for a Responsible Federal Budget July 28 2022 Retrieved July 30 2022 IRA Saves Almost 2 Trillion Over Two Decades Committee for a Responsible Federal Budget August 3 2022 Retrieved August 4 2022 Search lobbyfacts March 12 2023 Retrieved March 13 2023 Sahay Richa November 1 2022 How the US Inflation Reduction Act will impact the economy World Economic Forum Retrieved March 13 2023 Inflation Reduction Act Details amp Analysis Tax Foundation August 2 2022 Retrieved August 4 2022 Climate change bill would cut U S air pollution deaths by up to 3 900 per year study finds news yahoo com August 2 2022 Retrieved August 31 2022 a b Mills Ryan Aggarwal Ashna Corvidae Jacob Jaglom Kurtz Wendy February 6 2023 The Economic Tides Just Turned for States RMI Retrieved March 10 2023 a b Milman Oliver February 22 2023 Republicans in the US battery belt embrace Biden s climate spending the Guardian Retrieved March 10 2023 Princeton energy and climate experts weigh in on the impact of the Inflation Reduction Act Princeton University Retrieved August 27 2022 a b Avery W Barron A McCarthy Ryan A Lorenzo Sarah Jane August 16 2022 Inflation Reduction Act Creates 27B Green Bank Fund for Clean Energy Projects but False Claims Risks Exist Morgan Lewis Retrieved October 22 2022 a b Penny William Snow Ed August 19 2022 Three Ways the Inflation Reduction Act Advances Green Banking Burr amp Forman LLP Retrieved October 22 2022 Ultimate Public Climate Spending Spurred by Inflation Reduction Act Could be Over 800 Billion Credit Suisse American Public Power Association www publicpower org Retrieved December 2 2022 Goldman Sees Biden s Clean Energy Law Costing US 1 2 Trillion Bloomberg com March 23 2023 Retrieved March 26 2023 John Bistline Neil R Mehrotra Catherine Wolfram March 30 2023 Economic implications of the climate provisions of the Inflation Reduction Act Brookings Retrieved June 12 2023 a b Lechleitner Liz August 23 2022 Electric and agricultural co op leaders respond to passage of Inflation Reduction Act NCBA CLUSA Retrieved November 24 2022 a b c Senate Agriculture Committee one pager retrieved October 20 2022 26 U S C 30D a b c d e Democrats Senate July 27 2022 Summary of the Energy Security and Climate Change Investments in the Inflation Reduction Act of 2022 PDF Senate Democrats Retrieved August 22 2022 House The White August 15 2022 BY THE NUMBERS The Inflation Reduction Act The White House Retrieved August 23 2022 Iacurci Greg August 13 2022 Consumers may qualify for up to 10 000 or more in climate tax breaks and rebates in the Inflation Reduction Act CNBC Retrieved September 8 2022 Biden admin s long awaited hydrogen rules are here Canary Media December 22 2023 Retrieved December 22 2023 a b Jenkins Jesse D December 7 2023 The Biden administration has a chance to do clean hydrogen right Canary Media Retrieved December 8 2023 Polly Martin August 7 2023 US likely to phase in strict rules for green hydrogen production suggests White House advisor Hydrogen insight Retrieved December 8 2023 Stokes Leah C April 14 2023 Opinion Before We Invest Billions in This Clean Fuel Let s Make Sure It s Actually Clean The New York Times Retrieved August 25 2023 Meyer Robinson February 12 2023 Opinion A Huge Uncharted Experiment on the U S Economy is About to Begin The New York Times Retrieved August 25 2023 26 U S C 45V Fact Sheet Inflation Reduction Act Advances Environmental Justice The White House August 17 2022 Retrieved September 14 2022 How States and Cities Can Benefit From Climate Investments in the Inflation Reduction Act Center for American Progress August 25 2022 Retrieved September 14 2022 Banayan Noa What IS in the Inflation Reduction Act for Bikes People for Bikes Retrieved September 14 2022 Cooper Ryan August 18 2022 The Inflation Reduction Act s Quiet Revolution on Public Power The American Prospect Retrieved June 6 2023 Empowering Rural America New ERA Program USDA July 27 2023 Retrieved September 12 2023 Harris Lee January 19 2023 Green Capital Feuds With Local Lenders Over National Climate Bank The American Prospect Retrieved January 20 2023 Biden Harris Administration Launches Historic 20 Billion in Grant Competitions to Create National Clean Financing Network as Part of Investing in America Agenda US EPA July 14 2023 Retrieved August 14 2023 Biden Harris Administration Launches 7 Billion Solar for All Grant Competition to Fund Residential Solar Programs that Lower Energy Costs for Families and Advance Environmental Justice Through Investing in America Agenda US EPA June 28 2023 Retrieved August 14 2023 Rathi Akshat A Dlouhy Jennifer August 2022 Bill Gates and the Secret Push to Save Biden s Climate Bill Bloomberg Retrieved September 19 2022 Hirji Zahra Roston Eric August 13 2022 US Climate Bill Keeps Hope Alive for Halting Warming at 1 5 C Bloomberg Retrieved September 22 2022 a b A Turning Point for US Climate Progress Assessing the Climate and Clean Energy Provisions in the Inflation Reduction Act Rhodium Group Retrieved August 16 2022 a b McGinn Anna October 18 2022 What the Inflation Reduction Act Means for U S Engagement at the U N Climate Talks Article Environmental and Energy Study Institute Retrieved March 24 2023 Mahajan Megan Ashmoore Olivia Rissman Jeffrey Orvis Robbie Gopal Anand August 2022 Modeling the Inflation Reduction Act Using the Energy Policy Stimulator PDF Energy innovation p 1 Retrieved September 22 2022 Natter Ari August 3 2022 Manchin Deal Tosses 30 Billion Lifeline to US Nuclear Reactors Bloomberg Retrieved August 4 2022 Ebbs Stephanie Experts explain how the Inflation Reduction Act helps fight climate change ABC News Retrieved August 18 2022 princeton edu August 4 2022 Preliminary Report The Climate and Energy Impacts of the Inflation Reduction Act of 2022 PDF repeatproject org Retrieved August 18 2022 Modeling The Inflation Reduction Act Using The Energy Policy Simulator Energy Innovation Retrieved August 1 2022 Storrow Benjamin How Much Will the Climate Bill Reduce Emissions It Depends Scientific American Retrieved August 18 2022 Newburger Emma July 28 2022 Schumer Manchin reconciliation bill has 369 billion to fight climate change here are the details CNBC Retrieved August 1 2022 Retail Electricity Rates under the Inflation Reduction Act of 2022 Resources for the Future Retrieved August 6 2022 Axios Generate August 5 2022 Axios Retrieved August 5 2022 Stevens Pippa September 8 2022 Solar installations will triple by 2027 thanks to climate bill report predicts CNBC Retrieved October 29 2022 Friedman Lisa August 22 2022 Democrats Designed the Climate Law to be a Game Changer Here s How The New York Times 136 Stat 2063 Pub L 117 169 text PDF Sullivan Sean D March 2023 Medicare Drug Price Negotiation in the United States Implications and Unanswered Questions Value in Health 26 3 394 399 doi 10 1016 j jval 2022 11 015 ISSN 1098 3015 PMID 36503034 S2CID 254522229 a b c d e Gay Stolberg Sheryl Robbins Rebecca August 29 2023 Eliquis and Jardiance Among First Drugs Picked for Medicare Price Negotiations The New York Times Retrieved August 29 2023 Thread by Stacie Dusetzina health policy analyst at Vanderbilt University DusetzinaS August 29 2023 Are you feeling down because the drug that you take isn t on the list that CMSGov just released for price negotiations in PartD FEAR NOT You also get to benefit from negotiation Let me explain how 1 4 Tweet via Twitter Schwarz Casey August 25 2022 Part D Savings in the Inflation Reduction Act Set to Increase Over Time Medicare Rights Center Retrieved August 30 2023 a b Kansteiner Fraiser August 29 2023 Drugs from J amp J Merck Novartis BMS and more set for first round of Medicare price negotiations CMS Retrieved August 31 2023 a b Cubanski Juliette Damico Anthony Published Tricia Neuman September 26 2023 How Medicare s New Drug Price Negotiation Program Could Expand Access to Selected Drugs KFF Retrieved November 12 2023 Lopez German Wu Ashley August 26 2022 Conspiracy Theories How more funding for the I R S became a political firestorm The New York Times Archived from the original on August 26 2022 Source U S Department of Treasury Estimates from 2019 Diaz Daniella Luhby Tami July 31 2022 Republicans argue Manchin and Schumer s energy health care deal will raise taxes citing nonpartisan data CNN Retrieved July 31 2022 Putting JCT s Score of the Inflation Reduction Act Into Context Tax Policy Center August 2 2022 Retrieved August 3 2022 The Inflation Reduction Act Primarily Impacts Top 1 Percent of Taxpayers taxpolicycenter org August 11 2022 a b Inflation Reduction Act IRA and CHIPS and Science Act Investments Jack Conness December 20 2023 Archived from the original on December 23 2023 Retrieved December 23 2023 Mechanic Michael April 27 2023 House Republicans Are Playing Debt Ceiling Russian Roulette Mother Jones Retrieved May 6 2023 The Clean Energy Future Is a Battle for Hearts and Minds The New York Times August 13 2023 Archived from the original on September 6 2023 Retrieved September 7 2023 John Podesta May 10 2023 Remarks as Prepared for Delivery to the Bipartisan Policy Center by Senior Advisor John Podesta on the Biden Harris Administration s Priorities for Energy Infrastructure Permitting Reform The White House Retrieved June 6 2023 a b Groom Nichola March 7 2023 Biden s clean energy factory jobs may elude U S union workers Reuters Retrieved March 9 2023 Osaka Shannon April 17 2023 The unlikely center of America s EV battery revolution The Washington Post Retrieved May 7 2023 Jenkins Jesse D May 2023 What Electrify Everything Actually Looks Like Mother Jones Retrieved May 8 2023 a b Analysis IRA Related Clean Energy Projects To Create 403 000 Direct amp Indirect Jobs Add Billions To GDP E2 November 1 2023 Retrieved November 1 2023 How many jobs is the Inflation Reduction Act spurring A lot Canary Media November 1 2023 Retrieved November 1 2023 Turner Jay September 23 2023 US and Canada Electric Vehicle Supply Chain Map Charged Retrieved September 23 2023 Clean Energy Boom 100k Clean Energy Jobs Report PDF Climate Power February 3 2023 Retrieved May 6 2023 Weissmann Jordan May 4 2023 How Washington underestimated Biden s big climate law Semafor Retrieved May 6 2023 Impact of the Inflation Reduction Act SEIA August 13 2023 Retrieved August 25 2023 Clean Energy Industry Sees Massive Investments Since August ACP January 30 2023 Retrieved March 10 2023 Clean Energy Investing In America ACP August 6 2023 Retrieved August 7 2023 Ragland Will Koronowski Ryan Simhoni Shanee June 20 2023 Biden Administration Investment Tracker Center for American Progress Retrieved June 29 2023 Investing In America The White House December 22 2023 Archived from the original on December 23 2023 Retrieved December 23 2023 Broom Douglas August 21 2023 The US Inflation Reduction Act one year on what s been achieved for the green economy World Economic Forum Retrieved September 24 2023 Taking Stock 2021 US Emissions Outlook Under Current Policy Rhodium Group Retrieved September 24 2023 Taking Stock 2023 US Emissions Projections after the Inflation Reduction Act PDF Rhodium Group Tankersley Jim Hirsch Lauren November 23 2023 In Biden s Climate Law a Boon for Green Energy and Wall Street The New York Times The New York Times Retrieved November 29 2023 Lubach Dave Inflation Reduction Act Money Finds way to States that Refused Funding Facilitiesnet Retrieved August 16 2023 Aton Adam July 19 2023 How Biden steered climate money to red states E amp E News by Politico Retrieved August 15 2023 Perkins Hannah Aston Adam September 19 2023 U S Inflation Reduction Act one year on a summary of impressive progress in the energy transition Energy Post Retrieved September 24 2023 Biden Harris Administration Opens Applications For States And Territories To Implement 8 5 Billion For Home Energy Rebates As Part Of Investing In America Agenda Energy gov July 27 2023 Retrieved August 2 2023 DOE Releases Guidance for States to Develop Electrification and Efficiency Rebate Programs Sierra Club July 27 2023 Retrieved August 3 2023 Seven States Letter PDF Colorado River Basin States Representatives of Arizona California Colorado Nevada New Mexico Utah and Wyoming Retrieved September 22 2023 Biden Harris Administration Announces Historic Consensus System Conservation Proposal to Protect the Colorado River Basin U S Department of the Interior May 22 2023 Retrieved June 20 2023 Jones Benji May 23 2023 Why the new Colorado River agreement is a big deal even if you don t live out West Vox Retrieved June 20 2023 Fact Sheet One Year In President Biden s Inflation Reduction Act is Driving Historic Climate Action and Investing in America to Create Good Paying Jobs and Reduce Costs The White House August 16 2023 Retrieved September 24 2023 Biden Harris Administration Invests 150M to Connect Underserved and Small Acreage Forest Landowners to Emerging Climate Markets as part of Investing in America Agenda U S Department of Agriculture United States Retrieved September 27 2023 a b c The White House November 14 2023 Fact Sheet Biden Harris Administration Releases Fifth National Climate Assessment and Announces More Than 6 Billion to Strengthen Climate Resilience Across the Country The White House Archived from the original on November 15 2023 Retrieved November 15 2023 Fact Sheet Marking One Year of the Inflation Reduction Act U S DEPARTMENT OF AGRICULTURE the United States government Retrieved September 27 2023 Biden Harris Administration Announces Nearly 128 Million for Environmental Justice Projects in Communities Across the Country as Part of Investing in America Agenda The United States Environmental Protection Agency the United States government Retrieved October 30 2023 2023 Environmental Justice Collaborative Problem Solving EJCPS Program Project Summaries PDF The Environmental Protection Agency Retrieved October 30 2023 2023 Environmental Justice Government to Government EJG2G Program Project Summaries PDF Environmental Protection Agency Retrieved October 30 2023 President Biden s Investing in America Agenda Announces 20 Million to Bolster Climate Resilience for Native Hawaiian Community U S Department of the Interior November 14 2023 Retrieved November 15 2023 Inflation Reduction Act Community Change Grants Program US EPA November 14 2023 Retrieved November 15 2023 Biden Harris Administration Moves Forward with Medicare Drug Price Negotiations to Lower Prescription Drug Costs for People with Medicare HHS gov October 3 2023 Retrieved October 14 2023 a b Gardner Lauren August 29 2023 Drugmakers trade groups push back against Medicare drug price negotiations Politico Retrieved August 29 2023 a b Gay Stolberg Sheryl Robbins Rebecca July 23 2023 Drugmakers Throw Kitchen Sink to Halt Medicare Price Negotiations The New York Times Retrieved August 29 2023 Lopez Ian October 24 2023 Pharma Industry Readies for Drug Pricing Lawsuit Second Wave Bloomberg Law News Retrieved November 6 2023 Gardner Eric November 4 2023 Pharma Poised to Intensify Legal Battle Over Drug Price Negotiations More Perfect Union Substack Retrieved November 6 2023 Drug Pricing Bill Could Reduce Manufacturer Revenue by Over 450B Avalere July 27 2022 Retrieved August 29 2023 Gassuli Daniel Bowen Harry Schulthess Duane June 1 2023 IRA s Impact on the U S Biopharma System PDF Vital Transformation Retrieved August 29 2023 Kate Sullivan August 11 2022 Yellen directs IRS not to use new funding to increase chances of audits of Americans making less than 400 000 CNN Retrieved August 11 2022 Rappeport Alan April 6 2023 I R S Unveils 80 Billion Plan to Overhaul Tax Collection The New York Times Retrieved April 6 2023 Davis Jeffrey Treasury Releases Initial Information On Electric Vehicle Tax Credit Under Newly Enacted Inflation Reduction Act Tax Authorities United States Mayer Brown Retrieved August 21 2022 a b The 369bn Climate Deal America s Path To Climate Resilience Renewables United States Morrison Foerster Retrieved August 21 2022 Alternative Fuels Data Center Inflation Reduction Act of 2022 US Department of Energy Retrieved August 21 2022 Lucero Kat Feds Spell Out EV Tax Breaks Under Inflation Reduction Act Law360 Law 360 Retrieved August 21 2022 a b c d Bikales James March 31 2023 IRS rules for electric cars unveiled after months of attacks Politico Retrieved April 1 2023 Hawkins Andrew J August 8 2022 No electric vehicles on the market today qualify for the new EV tax credit The Verge Retrieved August 29 2022 Tim Levin Juliana Kaplan Most electric cars won t qualify for Democrats new 7 500 tax credit Business Insider Retrieved August 29 2022 August 19 Jack Rogers AM 2022 at 08 08 Inflation Reduction Act Doubles Tax Credits for Building Retrofits GlobeSt Retrieved August 21 2022 a href Template Cite web html title Template Cite web cite web a CS1 maint numeric names authors list link Ebeling Ashlea August 8 2022 Inflation Reduction Act Is Big Win for Serial Green Home Remodelers Wall Street Journal ISSN 0099 9660 Retrieved August 21 2022 Groom Nichola Lawder David May 12 2023 US Treasury takes middle road on solar panels Made in the USA Reuters Retrieved June 6 2023 Natter Ari July 11 2023 DeSantis Says No Thanks to 377 Million in Federal Energy Funds BNN Bloomberg Retrieved September 6 2023 https www orlandosentinel com 2023 12 18 desantis seeks energy saving rebates in apparent change of heart a b Haberkorn Jennifer August 30 2023 DeSantis tells Biden Keep your IRA money Politico Retrieved September 4 2023 How much does energy efficiency cost Energy Sage April 5 2023 Retrieved September 6 2023 Calder Meta August 21 2023 Veto of energy efficiency funding falls squarely on the poor The invading sea Retrieved September 6 2023 Hutchings Kimberly Beyond The Inflation Reduction Act A Texas Guide OhmConnect Retrieved September 6 2023 HENSON BOB Heat pumps are catching on New rebates tax breaks may turbocharge the trend Texas Climate News Retrieved September 6 2023 The Inflation Reduction Act Delivers Affordable Clean Energy for Texas PDF The White House Retrieved September 6 2023 Raju Manu Luhby Tami Manchin and Schumer announce deal for energy and health care bill CNN Retrieved July 27 2022 Statement from President Biden on Inflation Reduction Act of 2022 The White House July 27 2022 Retrieved July 27 2022 Democrats Sinema reach deal on new taxes in Inflation Reduction Act The Washington Post ISSN 0190 8286 Retrieved August 5 2022 Betsy Klein August 2 2022 First on CNN Top economists say Democrats health care and climate package will put downward pressure on inflation CNN Retrieved August 14 2022 The Inflation Reduction Act Will Reduce Inflation Senate Democratic Leadership August 1 2022 Retrieved August 5 2022 rbradley August 5 2022 Economists Letter to the U S Congress on the Inflation Reduction Act of 2022 Master Resource Retrieved April 2 2023 Laco Kelly August 4 2022 Over 230 economists warn Manchin s spending bill will perpetuate inflation FOXBusiness Retrieved April 2 2023 Bordoff Jason December 1 2022 America s Landmark Climate Law IMF Retrieved March 24 2023 Mazzocco Ilaria August 25 2022 Why the New Climate Bill Is Also about Competition with China Center for Strategic International Studies Retrieved March 24 2023 Agrawal Ravi March 24 2023 The White House s Case for Industrial Policy Foreign Policy Graham Digital Holding Company Retrieved March 24 2023 Shi Jiachen March 9 2023 Conflicting Economic Ideologies May Impact Future China Policy in the US The Diplomat Diplomat Media Retrieved March 24 2023 Nielsen Miriam May 24 2023 What s going on with the Inflation Reduction Act YouTube video New York NY Zentouro Retrieved May 24 2023 Crowley Kevin July 30 2022 Exxon CEO Loves What Manchin Did for Big Oil in 370 Billion Deal Bloomberg Retrieved July 30 2022 Alexander Bolton August 4 2022 Coal industry shocked and disheartened by Manchin climate deal WFXRtv The Hill Retrieved August 9 2022 a b Dennis Brady August 14 2022 As Congress funds high tech climate solutions it also bets on a low tech one Nature The Washington Post Retrieved August 16 2022 A New Day for Climate Action in the United States as U S Congress Passes Historic Clean Energy and Climate Investments The Nature Conservancy Retrieved August 17 2022 Plumer Brad Friedman Lisa July 30 2022 Democrats Got a Climate Bill Joe Manchin Got Drilling and More The New York Times ISSN 0362 4331 Retrieved August 17 2022 Jaffe Susan September 3 2022 Health organisations welcome US climate crisis law The Lancet 400 10354 719 720 doi 10 1016 S0140 6736 22 01663 4 ISSN 0140 6736 PMID 36058212 S2CID 251984511 Leber Rebecca August 16 2022 4 underrated parts of the Inflation Reduction Act Vox Retrieved August 17 2022 a b Lakhani Nina August 9 2022 Landmark US climate bill will do more harm than good groups say The Guardian Archived from the original on August 12 2022 Retrieved August 12 2022 Toll Micah August 8 2022 The new climate bill abandoned the type of electric vehicle that can make the biggest difference Electrek Archived from the original on August 8 2022 Weinberg Harrison July 28 2022 It s so blatant Transit groups bemoan Dems car centric climate deal Politico Alex Daugherty Retrieved August 26 2022 a b Amaro Silvia November 9 2022 Europe shows a united front against Biden s Inflation Reduction Act says it threatens industry CNBC Retrieved December 25 2022 a b Kuttner Robert January 24 2023 Reclaiming U S Industry The American Prospect Retrieved February 22 2023 a b Blenkinsop Philip March 10 2023 EU seeks to arrest industry decline in green transition Reuters Archived from the original on March 11 2023 engaged in a subsidies race a b US and EU begin negotiations on critical minerals access for EV batteries Le Monde fr March 10 2023 Archived from the original on March 11 2023 Marc Oraan March 11 2023 Do the U S Multi Billion Battery Subsidies Put the European Battery Production at Risk autoevolution Archived from the original on March 11 2023 Political Concern Grows Over UK s Lost Green Economy Edge OpEd Eurasia Review March 11 2023 Archived from the original on March 11 2023 Helm Toby March 12 2023 Labour planning 8bn Biden style green energy revolution The Observer Archived from the original on March 12 2023 a b Korean auto battery sectors brace for EU first act www theinvestor co kr March 11 2023 Archived from the original on March 12 2023 Corner The March 12 2023 US and EU initiate steps to resolve Inflation Reduction Act dispute The Corner Archived from the original on March 12 2023 Best Paul September 1 2022 EU hits US for Inflation Reduction Act electric vehicle tax credit requiring final assembly in North America FOXBusiness Retrieved September 3 2022 Palmer Doug August 15 2022 USTR shrugs off EU criticism of EV tax credit Politico Retrieved September 3 2022 Harris Lee September 28 2022 Industrial Policy Without Industrial Unions The American Prospect Retrieved October 5 2022 Cama Timothy December 19 2023 Manchin opens new front in war on Biden EV policies E amp E News by POLITICO Retrieved December 19 2023 Manchin Joe December 18 2023 Request for legal opinion on Section 30D guidance PDF Letter to Gene L Dodaro Washington DC United States Senate Committee on Energy and Natural Resources Natter Ari December 13 2023 Joe Manchin Says Horrible Hydrogen Tax Credit Rules Coming Next Week Bloomberg com Retrieved December 19 2023 Kaufman Alexander C December 17 2023 Democrats And Industry Are At War With Themselves Over A Controversial Energy Plan Yahoo News Retrieved December 22 2023 External links editInflation Reduction Act of 2022 as enacted PDF details in the US Statutes at Large H R 5376 Inflation Reduction Act of 2022 bill information on Congress gov Portals nbsp United States nbsp Law nbsp Climate change nbsp Environment Retrieved from https en wikipedia org w index php title Inflation Reduction Act amp oldid 1191436989, wikipedia, wiki, book, books, library,

article

, read, download, free, free download, mp3, video, mp4, 3gp, jpg, jpeg, gif, png, picture, music, song, movie, book, game, games.