Inflation Reduction Act

Senator Joe Manchin (D-WV) warned his colleagues in the Democratic Caucus not to fall for Republican senators' “fake amendments,” since no Republican planned to ...

There are some measures in the bill to ease the burden of inflation when it comes to fuel and energy costs. It will be years before these programs will be implemented and pay off in the form of lower greenhouse gas emissions, better health outcomes for low-income communities, and improved clean energy infrastructure. For example, the legislation sets out $1 billion in grants to improve energy efficiency in affordable housing. Those measures are aimed at making clean energy more available to more people, although solar panels, for example, cost about $11,000 in 2021 for a household setup. There are many different measures tied up in this bill as a way to get some of the Biden Administration’s priority legislation passed. The initial subsidies were supposed to end this year, which would have meant increased premiums for the millions of people who qualified for free health insurance when Congress eliminated the income cap to qualify for federal assistance paying premiums. “I cannot take that risk with a staggering debt of more than $29 trillion and inflation taxes that are real and harmful to every hard-working American at the gasoline pumps, grocery stores and utility bills with no end in sight.” This is, however, all in hopes of setting up a more stable economy in the future. This included those by Sen. Bernie Sanders (I-VT). Sanders stood alone on proposed amendments to reinstate the child tax credit and a guarantee that Medicare drug costs wouldn’t exceed what the Department of Veterans Affairs pays for the same medications, CQ Roll Call reported. At the time, Manchin released a statement saying that the true cost of BBB would far outstrip its initial $1.5 trillion price tag and expressed concerns about the national debt. On Saturday, Vice President Kamala Harris cast the tie-breaking vote to launch a full day of debate over the bill — as well as several last-minute amendments Republican senators were floating. Still, despite the bill’s fraught journey and many compromises, there are some victories that should have a tangible effect on the average American.

Given that pre-pandemic prosperity was already dependent on large doses of fiscal and monetary stimulus, it should have come as no surprise that pumping in ...

Rather, it is one that relies more on the natural self-correcting mechanisms of open, competitive and well-regulated markets. It will also remain an economy in which the rich get richer and the poor get poorer. Government spending will have to be brought more in line with government revenue. It will remain an economy that becomes increasingly and dangerously indebted to the rest of the world. Or because educational and labor market institutions are not producing the trained workers that businesses need. The partisan hyperventilating about whether we are or aren’t in a recession is more about politics than economics. Over the last year, the economy “created” more than 6 million jobs, an increase of 4 percent. Regardless of the final number, the measure will hardly dent an annual federal budget deficit projected to run at the unsustainable rate of 5 percent of GDP over the next 10 years. In hindsight, it is clear that policymakers ignored warnings and overdid it. An equally plausible explanation is that President Biden and a Democratic Congress were eager “not to let a good crisis go to waste,” and so used it to justify big increases in public spending and investment to achieve economic, social and environmental justice. Indeed, that was the point of these rescue efforts — to prevent a deflationary spiral, set a floor under household income, stimulate investment, and prop up prices of stocks, bank loans and real estate. We heard it again late last month when the government reported a second quarterly decline in gross domestic product, triggering dire and exaggerated predictions of recession from Republicans. And now Democrats in Congress are embracing the same fallacy as they ram through a package of climate, tax and health-care initiatives fancifully marketed as the “Inflation Reduction Act of 2022.”

The Senate is expected to vote today on the Inflation Reduction Act, which addresses climate change and health care costs, key agenda items for President ...

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More than eight hours into debate, party lawmakers appeared on track to deliver the political centerpiece of President Biden's long-stalled economic agenda.

They also approved a 1 percent tax on companies that buy back their own stock, a practice that many party lawmakers see as detrimental to the economy — to the benefit of wealthy shareholders and executives. Schumer and Manchin ultimately worked out their differences, solidified an agreement and sold it to a caucus that had hoped for something more robust. But Manchin never supported the sky-high price tag, arguing that it might worsen the country’s fiscal health at a moment of great economic and political uncertainty. But the tax proposals are a far cry from what Democrats had envisioned, part of a last-minute effort to ensure the support of Sinema, another moderate in their ranks. On Sunday, the senator intervened again, this time in a way that benefited private equity and the companies in their portfolios. A slew of similar compromises define the Inflation Reduction Act, which Democrats opted to move through the process known as budget reconciliation. Their opposition appeared to doom the plan for the remainder of the year, because a bipartisan attempt to reduce the cost of the lifesaving diabetes drug previously failed to secure GOP support. Many Democrats emphasized the need to overlook the losses and savor the gains in a package that weeks earlier had seemed out of reach. The investments include a bevy of tax credits to incentivize wind, solar and other renewable power sources, while helping people purchase new or used electric vehicles and install energy-efficient heating and cooling systems in their homes. Even before the vote was final, Democratic lawmakers on the chamber floor rejoiced and cheered, shaking hands and hugging, as their Republican counterparts cast their votes and headed for the exits for a month-long summer break. For Senate Democrats, though, the outcome marks the latest victory in a spate of legislative accomplishments, including bipartisan efforts to rethink gun laws, improve veterans’ health care and boost the manufacture of much-needed high-tech computer chips. “It does nothing to bring the economy out of stagnation and recession.

The Senate passed the most ambitious climate spending package in U.S. history on Sunday, prompting optimism among environmental advocates after months of ...

The legislation's landmark investment of $369 billion in climate and clean energy programs will help deploy thousands of megawatts of renewable power, create hundreds of thousands of good-paying American jobs, reduce the cost of electric power, and finally put the country on track toward achievement of our climate goals." And it will help the U.S. deliver on its undeniable responsibility to the rest of the world to do its part to address this global crisis. - "Today is a monumental day for America's clean energy progress and global climate leadership. - "This is the vote heard around the world. It will benefit the people of all 50 states—their health, their wallets, their homes and their future. This is the most significant action the U.S. has ever taken to combat climate change.

After a year of negotiations on President Joe Biden's domestic agenda, Democrats passed legislation tackling climate, taxes and health care.

The legislation would decrease the federal deficit by $102 billion over the next decade, according to the Congressional Budget Office. The bill didn't pass unscathed: Republicans stripped a $35 monthly cap on insulin co-pays via amendment, arguing the provision violated procedural rules. The White House's loftier ambitions to expand the social safety net in last year's Build Back Better bill were scrapped during a roller-coaster year of negotiations among Democrats. The Senate passed the Inflation Reduction Act, which includes record spending on clean energy initiatives, measures to reduce prescription drug prices and a tax overhaul to ensure large corporations pay income taxes. The 15-hour "vote-a-rama" that began at 11:30 p.m. ended with Harris' deciding vote on final passage. "It required many compromises.

Senate Majority Leader Chuck Schumer steered the Democrats' efforts to pass the bill. Drew Angerer/Getty Images. Senate Democrats passed the Inflation Reduction ...

Gov. Jay Inslee released the following statement after the U.S. Senate passed the Inflation Reduction Act, which makes historic progress in the fight ...

I thank Sens. Patty Murray and Maria Cantwell for their unflagging, heroic efforts to pass reconciliation legislation through the Senate that meets the scale of our climate crisis, lowers health care costs for Washingtonians, and fights inflation. “The Senate has taken the essential step, and Americans are rightfully optimistic. “These long-sought measures, part of the single largest investment to address climate change in American history, should rightfully encourage both our state and the federal governments to take further necessary steps.

A Congressional Budget Office analysis found that the measure would have little effect on inflation this year. Democrats argue the benefits will still be ...

On “Fox News Sunday,” Senator Benjamin L. Cardin, Democrat of Maryland, also said the bill would help lower inflation. But “the Treasury secretaries that have served in both Republican and Democratic administrations support this bill,” he added. “And I think Americans will see historic results.”

(CNN) The Senate on Sunday afternoon passed Democrats' $750 billion health care, tax and climate bill, in a significant victory for President Joe Biden and ...

The bill would empower Medicare to negotiate prices of certain costly medications administered in doctors' offices or purchased at the pharmacy. Strong climate regulations from the Biden administration and action from states would be needed to get to President Joe Biden's goal of cutting emissions 50% by 2030. Addressing this loophole, which would have raised $14 billion over a decade, had been a longtime goal of congressional Democrats. This controversial provision is far more limited than the one House Democratic leaders have backed in the past. To avoid a last-minute collapse of the bill on Sunday, Democrats created a plan to win over Sinema, who was concerned over the 15% corporate minimum tax's impact on subsidiaries owned by private equity. Americans want solutions for inflation, crime, and the border." The Kentucky Republican said Democrats "do not care about middle-class families' priorities." The $35 insulin cap for Medicare beneficiaries remains in place. But he said the bill passes his test because it doesn't raise individual income tax rates. They were also successful in removing a key insulin provision to cap the price of insulin to $35 per month on the private insurance market, which the Senate parliamentarian ruled was not compliant with the Senate's reconciliation rules. "I think we'll all benefit from it; the country will," Manchin told CNN. "We have energy security, that's what we were looking for. Final passage came after a marathon series of contentious amendment votes known as a "vote-a-rama" t

Senate Democrats delivered a big victory for President Biden, passing a bill which includes massive spending on climate change, healthcare, ...

Democratic leaders also made a side deal with the West Virginia senator in which they agreed to support separate legislation that would change how the U.S. approves energy projects — and would reportedly streamline the approval of a gas-pipeline project in Manchin’s home state. The legislation institutes a new corporate minimum tax rate of 15 percent on the profits of companies with more than $1 billion in annual revenue. The IRA also inks the largest expansion of federal health-care policy since the Obama-era Affordable Care Act. The bill will allow Medicare to directly negotiate prescription medicine prices with drugmakers for the first time — another long-sought policy goal for Democrats — as well as force drugmakers to pay rebates to the U.S. if they ever raise Medicare prices beyond the rate of inflation. That spending will mainly come in the form of tax credits to incentivize Americans and companies to transition to cleaner and more efficient energy use, and may ultimately enable the U.S. to reduce its greenhouse-gas emissions by 40 percent by the end of the decade (which is definitely not enough, climate scientists warn, but is at least a start). And the IRA includes an $80 billion investment in the Internal Revenue Service with the aim of expanding the agency’s ability to crack down on wealthy tax cheats, be they companies or people. The massive climate, health care, and corporate tax bill will now head to the House, where it is also expected to pass, before Biden signs the legislation into law sometime over the next week.

Senate Democrats voted Sunday to approve a landmark climate, health care and tax bill that is set to deliver on years-long Democratic Party promises in a ...

“Today, Senate Democrats sided with American families over special interests,” he said in a statement. GOP Senators introduced dozens of amendments to intrigue their Democratic colleagues or force them to make a hard choice with their vote – from amendments related to immigration policy to regulating emissions. They were critical to passing the bill that gives Democrats a boost heading into midterm elections just three months away in which control of both congressional chambers will be at stake. Even so, it’s much narrower than the Build Back Better Act that the House adopted last year. Vice President Kamala Harris served as the tie-breaking vote in the 50-50 Senate. “The Senate is making history.

San Francisco — Speaker Nancy Pelosi issued this statement after the Senate passed the Inflation Reduction Act: “Congratulations to Senate Democrats for the ...

This legislation will also fight inflation – including with an historic investment in paying down the deficit – while being fully paid for by making the largest corporations pay their fair share. “Today is a victory for America’s families and for our planet. San Francisco — Speaker Nancy Pelosi issued this statement after the Senate passed the Inflation Reduction Act:

THE WEEK —Today: The Bidens travel to flooded-damaged eastern Kentucky. … Tuesday: President JOE BIDEN signs the CHIPS and Science Act into law. Primaries in ...

— Chris Bedford, a senior editor at The Federalist and founding partner of RightForge, proposed to Sarah Westwood, a politics reporter at the Washington Examiner and a CNN alum, on Thursday in front of their new house, after the moving truck left. The final negotiations with Mr. Manchin proceeded one on one in near-total secrecy.” ( Hulse) ENGAGED — Brett Logan, director of U.S. market access and state government relations at the Alliance for Regenerative Medicine and a Trump CMS and Lamar Alexander alum, proposed to Emily Massey, a partner at Continental Strategy and a Trump DHS and CISA alum, on Saturday night on the Georgetown waterfront. IT’S JANUARY 2021 SOMEWHERE — Could control of the Senate hinge on a Georgia runoff for the second cycle in a row? “Even before the vote was final, Democratic lawmakers on the chamber floor rejoiced and cheered, shaking hands and hugging, as their Republican counterparts cast their votes and headed for the exits for a month-long summer break. It was the bill’s chief protection for the 180 million people with private health coverage they get through work or purchase themselves.” ( AP’s Alan Fram and Lisa Mascaro) Deese quietly journeyed to the Hill and met with Schumer and Manchin’s staff in Manchin’s hideaway to talk through the structure of an agreement. Others say a cohort of Democratic senators who quietly reassured Manchin amid the blowback proved far more effective.” ( Burgess/Marianne) “On Aug. 4, Warner joined Manchin on his house boat to talk about the deal Sinema would soon announce on taxes. Everyone agreed that the final details would be negotiated between Schumer and Manchin. (Playbook) Mr. Manchin has said the two men agreed to give talks another shot after their tempers cooled.” ( Duehren/Hughes) When that stance was reported in the news media, many Democrats and Republicans took that to mean the talks on any package were over.

Today, U.S. Senator Chris Van Hollen (D-Md.) released the following statement applauding the passage of the Inflation Reduction Act, legislation to confront ...

This will serve as a force multiplier for the development and deployment of clean energy, with a large focus on underserved communities. “I was proud to author two key provisions that are included in this proposal: one will provide rebates to help Americans make their homes more energy efficient so they can reduce their heating and cooling bills. With today’s passage of the Inflation Reduction Act, we’re taking action to address some of the biggest challenges our nation faces: the worsening climate crisis, sky-high prescription drug costs, a tax code that unfairly puts corporations and the wealthy before working Americans, and inflation.

Autos and utilities are among market winners from climate incentives in the Inflation Reduction Act, but big firms from Amazon to Ford will pay more in ...

More crucially, the bill includes requirements for domestic manufacturing of EVs and their battery components to qualify for the extended credit. Since most makers of electric hot water heaters and stoves also make gas models, it's not clear whether the law will cause any major shifts in market share. The two biggest changes are the bill's deficit reducers – just two provisions of the law that account for 80% of its $300 billion in deficit reduction, according to Moody's Analytics. "So I would really like to encourage, once again, entrepreneurs to enter the lithium refining business. The law also cracks down on the practice of letting companies announce one set of profit figures to investors, while using another set of numbers that include tax loopholes to show the government. The law's buy-American provisions will only add to those pressures. That's because the law will only let Medicare negotiate over a few drugs in the early years of the law's implementation. Among so-called spending in the bill is actually targeted tax cuts, which the congressional Joint Committee on Taxation calls tax expenditures. First, the bill caps the price of eligible new cars at $55,000, excluding the most popular version of Tesla's Model 3 (as well as all Model S and X vehicles). Trucks and vans can get the credit if they cost less than $80,000. The impact on companies isn't completely clear because it's not known yet exactly which drugs will be the first subjected to price negotiations, Neuman said. When it comes to politics, you always have to follow the money – and remember that the devil is in the details. For both winners and losers, the impact is more modest than you would think, given the sheer size of numbers being bandied about.

Wind and solar, nuclear energy, carbon capture and storage, geothermal energy, zero-carbon fuels, and methane abatement are all critical pieces to climate ...

Recently, through the Energy Act of 2020 and the Infrastructure Investment and Jobs Act, Congress has made investments in research and development that will be influential for catalyzing the development of next-generation technologies like superhot rock energy. Clean Air Task Force (CATF) is a global nonprofit organization working to safeguard against the worst impacts of climate change by catalyzing the rapid development and deployment of low-carbon energy and other climate-protecting technologies. With 25 years of internationally recognized expertise on climate policy and a fierce commitment to exploring all potential solutions, CATF is a pragmatic, non-ideological advocacy group with the bold ideas needed to address climate change. “Nuclear energy has the potential to be a key driver in the transition to a clean energy economy over the coming decades. s, and jobs benefits of 21st century energy infrastructure that the United States has struggled to build for far too long. The bill passed by the Senate targets unprecedented investment at a wide range of zero-emissions vehicles and at the modern charging and fueling infrastructure those vehicles will need. This is a major step forward for zero-carbon fuels in the U.S. and globally, and we commend the Senate for passing this legislation and supporting U.S.-produced low-emissions hydrogen.” — Emily Kent, U.S. Director for Zero-Carbon Fuels. Of course, achieving that promise will require comprehensive lifecycle GHG analysis of hydrogen production pathways as well as minimization of hydrogen leakage through safeguards to ensure that the production, transport, and use of hydrogen (and hydrogen-based fuels) is both safe and sustainable. “The methane charge passed by Congress is a powerful complement to the methane standards EPA is expected to propose later this year and will result in more timely and deeper methane reductions. “We cannot overemphasize the transformative effect that the Inflation Reduction Act (IRA) will have on the deployment of carbon capture technologies. Senate passage makes today a remarkable day for the U.S. and for the world, and one that can only be outdone by the day President Biden signs the IRA into law after House passage.” Wind and solar, nuclear energy, carbon capture and storage, geothermal energy, zero-carbon fuels, and methane abatement are all critical pieces to climate action and to the U.S.’s long-term clean energy leadership.

Legislation will lower prescription drug and health care costs and create clean energy jobs, while reducing the deficit. Bill includes Casey provision to ...

Senator Casey’s tax credit will not only provide a bridge for energy workers and communities as we transition to a clean energy economy, but it prioritizes the workforce that is more than capable of being at the forefront of our Nation’s clean energy economy. The IRA also includes tax credits to accelerate U.S. manufacturing of solar panels, wind turbines, batteries and critical minerals processing as well as a $7,500 credit for purchasing a new electric or hydrogen vehicle that was made in North America. These investments must be made with high wage and labor standards as well as domestic content and apprenticeship training requirements, ensuring that American workers and their families benefit from these provisions. This ambitious piece of legislation will put the U.S. on a path to reduce emissions by 40 percent by 2030 while lowering American families’ energy costs at the gas pump and on their electricity bills. Between the Infrastructure Investment and Jobs Act, the CHIPS and Science Act, and now the Inflation Reduction Act, Democrats have passed legislation that will boost the economy and create jobs in our infrastructure, supply chain, domestic manufacturing and clean energy sectors. The IRA includes Senator Casey’s amendments that will require some clean energy projects to meet strict domestic content standards to receive tax credits. The IRA also includes several policies that will improve access to and affordability of medications for seniors and people with disabilities. Senator Casey passed a provision to incentivize clean energy deployment and manufacturing in “energy communities,” areas whose economies and jobs are or were dependent on the coal, oil or natural gas energy sectors. The Inflation Reduction Act will lower health care and energy costs for families while creating well-paying jobs to transition the U.S. to clean energy and tackle the climate crisis. It will shore up the U.S.’s place as a clean energy producer and reduce our greenhouse emissions by 40% by 2030, while investing in the coal communities that powered our nation for generations. Washington, D.C. – Today, U.S. Senator Bob Casey (D-PA) is announcing that Senate Democrats passed the historic Inflation Reduction Act to lower health care and prescription drug costs for families and older adults, ensure American manufacturing is at the forefront of clean energy industry, reduce energy costs while tackling the climate crisis, and slash the deficit by making big corporations pay their fair share. I successfully fought to include a provision that will promote the creation of family-supporting clean manufacturing jobs here in the U.S. rather than in competitors like China, because we don’t have to choose between green energy and our workers. “It costs a lot of money to be sick in America. Many people are just one medical emergency away from bankruptcy, while other families and seniors are slowly draining their savings to pay for lifesaving prescription drugs.

Climate change provisions: Tax credits to help reduce emissions: $60 billion clean energy manufacturing tax credit; $30 billion production tax credit for ...

- Lowers home energy costs by providing $9 billion for consumer home energy rebate programs – focused on low-income consumers – for energy efficient retrofits and to electrify home appliances. - Includes Senator Feinstein’s Affordable EVs for Working Families Act, which would provide a tax credit of up to $4,000 to individuals who buy a used electric vehicle. “The bill includes two Feinstein provisions: It includes $4 billion to respond to historic drought conditions in the West, a boon for California’s cities, businesses and farmers. It also boosts IRS funding so the agency can collect billions in unpaid taxes from huge corporations and wealthy tax dodgers, an action for which I have been a strong advocate. This was initially proposed by Senator Feinstein in her Community Wood Facilities Assistance Act. “This bill will also help reduce health care costs.

Today, Senate Democrats sided with American families over special interests, voting to lower the cost of prescription drugs, health insurance, and everyday ...

I ran for President promising to make government work for working families again, and that is what this bill does — period. I ran for President promising to make government work for working families again, and that is what this bill does — period. Finally, it pays for all this by establishing a minimum corporate tax so that our richest corporations start to pay their fair share.

“Today, Senate Democrats took a historic step forward to reduce consumer costs, combat climate change, and implement a fairer tax code by passing the ...

“This bill will reduce costs for Americans and fight inflation. I remain committed to fighting on behalf of these underserved and disadvantaged communities. “With commonsense reforms that will allow Medicare to negotiate prescription drug prices and cap out-of-pocket costs, we will protect seniors from outrageous prices charged by pharmaceutical companies for lifesaving medications.

The behemoth bill is full of questionable spending, including $80 billion in increased funding for the IRS.

Minutes later, the same white man shows up in uniform with another cop, and writes him a ticket. "Separating children was not just a side effect, but the intent," writes Caitlin Dickerson. "Instead of working to reunify families after parents were prosecuted, officials worked to keep them apart for longer." Afro Latino man calls 911 after white man pulls a gun on him. The IRS "is an agency that only succeeded in answering about one out of every 50 phone calls during the 2021 tax season," Sen. John Thune (R–S.D.) said last week on the Senate floor. Thune and other Republicans—along with Arizona Democrat Kirsten Sinema—also objected to a 15 percent corporate minimum tax rate for businesses making more than $1 billion in income annually. — @itscaitlinhd (@itscaitlinhd)August 7, 2022 It includes $300 billion for energy- and climate-related programs, and it creates tax credits for individuals buying electric vehicles or making energy efficient home improvements. An analysis by the nonpartisan Congressional Budget Office says the law will have a "negligible" effect on inflation. It extends Affordable Care Act subsidies and introduces a $35 per month price cap on insulin for Medicare recipients. — Isaac Chotiner (@IChotiner)August 7, 2022 These were, it shows, an explicit strategy, no matter how much the Trump administration asserted otherwise. And whether it will even succeed in bringing down things like health care costs is questionable.

“As communities across the country continue to face extreme heat, intense storms and other climate impacts, now is the time to make bold investments. Today's ...

After months of negotiations, Senate Democrats passed a major climate, health care and tax bill — a centerpiece of President Biden's agenda.

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The House is expected this week to vote on the Inflation Reduction Act, which extends temporarily more generous tax credits available in the public ...

The legislation also would allow Medicare to negotiate the price of certain drugs and would cap yearly outlays on prescription drugs under Part D to $2,000, as well as cap beneficiaries' monthly insulin prices at $35. Before the temporary changes, the aid was generally only available to households with income from 100% to 400% of the poverty level. "Without the extension, the vast majority of the 13 million people who get subsidies … would see premium payments rise," said Krutika Amin, associate director for the Kaiser Family Foundation's Affordable Care Act program.

AG SPENDING: Agricultural appropriations bill advance on Capitol Hill for funding year 2022. Climate-smart ag practices and clean energy programs receive $40B ...

It provides $25 million annually for Conservation Innovation Trials. As an example, the dairy industry says the new funding is targeted toward initiatives that use feed and diet management to reduce the enteric methane emissions that can comprise roughly one-third of a dairy farm’s greenhouse gas footprint. We have a storied history of working together at the agriculture committee,” says Boozman. “Our stakeholders value the fact that we approach the issues they face together, rather than as Republicans and Democrats. They appreciate that their voices are heard. The new investments will provide important voluntary technical assistance to dairy farmers who undertake such stewardship practices, including targeted new funding that emphasizes critical farm practices that yield significant environmental benefits for dairy. According to a one-page description of the agricultural provisions, the bill boosts funding to existing conservation practices which some are oversubscribed by as much as 3 to 1. It also includes $5 billion to protect communities from wildfires while combating the climate crisis and through climate-smart forestry. Not to mention nutrition programs that help low-income families and policies that allow conservationists to achieve our shared goals.” Last-minute negotiations to garner support from Democrat holdout Sen. Kyrsten Sinema, D-Ariz., also saw the inclusion of $4 billion in additional drought assistance for the West. At the same time, we are investing in good-paying clean energy jobs to grow small towns and rural economies.” Livestock will still be eligible, but not subject to the 50% requirement. The bill is touted to raise $739 billion in revenue by incorporating a 15% corporate minimum tax, prescription drug price reform, and increasing IRS tax enforcement. The House is currently on recess, so action would require House members to return for a vote. Vice President Kamala Harris was the tie-breaking vote as the bill now heads to the House for approval.

The House of Representatives is scheduled to vote Friday on the bill, which includes major tax credit provisions to spur emissions-free energy, ...

“This monumental legislation provides much-needed certainty and will help electric companies reach a clean energy future faster, without compromising on the reliability and affordability that customers value.” “No longer will Congress need to legislate technology by technology, making it easier to innovate and bring new technologies to market.” Also, the credit can cover interconnection costs. The bill passed on a 51-50 vote, with Vice President Kamala Harris casting the tie-breaking vote. “Electricity customers across the country will benefit greatly from the clean energy tax credits included in the Inflation Reduction Act,” Edison Electric Institute President Tom Kuhn said in a statement. “Congress will no longer need to extend these incentives every few years, giving companies and states certainty to plan clean energy projects and create jobs,” Wyden said in a statement.

Senate Measure will Lower Drug Prices for Older Ohioans, Reduce Health Care Costs, Grow Ohio's Renewable Energy Industries, Hold Wall Street Accountable · Share.

The bill also includes a special additional 10% tax incentive for the construction of these clean energy manufacturing facilities in historic energy communities, defined as communities with significant employment related to coal, oil, and natural gas. Brown has specifically called for the U.S. Postal Service to purchase 100% zero-emission vehicles made in the United States. - Permanent funding for Black Lung Disability Trust Fund: The Black Lung Disability Trust Fund is funded by an excise tax on coal. - Sustainable Skies Act: Brown’s bill to fight carbon emissions and promote the transition to sustainable aviation fuel. It will help expand the market for renewable biogas by providing a 30 percent investment tax credit to help offset the upfront costs associated with building biodigester systems. - For the first time, imposes a 1% excise tax on corporate stock buybacks, based on Brown’s Stock Buyback Accountability Act. The 2017 tax law delivered a massive tax windfall to wealthy corporations. - Linear Generator Parity Act: Brown’s bill will spur investment in an innovative new energy technology and support jobs in Ohio. The provision will benefit companies like Sunpower Inc., located in Athens, which has developed a promising electric power generation technology – the high-efficiency linear generator. The Inflation Reduction Act directs, for the first time, the Secretary of Health and Human Services (HHS) to negotiate directly to lower the cost of prescription drugs for Medicare beneficiaries to ensure older Americans get the best possible deal on high-cost drugs. This minimum tax applies to companies with over $1 billion in profits – meaning only the approximately 200 largest corporations will be affected. WASHINGTON, D.C. – Today, the U.S. Senate passed the Inflation Reduction Act of 2022, a legislative package to fight inflation, lower prescription costs for seniors, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030. - Reduce Seniors’ Out-of-Pocket Drug Costs by instituting a $2,000 cap on out of pocket prescription drug costs for Medicare beneficiaries, effective in 2025. Extending these enhanced subsidies will ensure no family will be forced to pay more than 8.5 percent of their income for ACA coverage, regardless of income.

The bill provides "game changer" funding for clean energy investments and measures to reduce prescription drug costs.

The bill also enables Medicare to negotiate on prescription drugs — a major change that could lead to significant cost reductions for a small subset of drugs. If the bill’s clean energy policies work as intended, it would push American consumers and industry away from reliance on fossil fuels, penalize fossil fuel companies for excess emissions of methane, and inject needed funds into pollution cleanup. It takes some significant steps on health care, including shoring up an expansion to the Affordable Care Act that was set to expire.