The Inflation Reduction Act includes a suite of clean energy tax incentives to supercharge the installation of renewable energy to the grid and reduce household energy bills. Clean Electricity and Energy Transmission Majority Leader Schumer released the following statement on Wednesday, July 27: “I expect that the remaining work with the parliamentarian will be completed in the coming days and the Senate will vote on this transformative legislation next week.” Because Senate Democrats plan to advance this bill via reconciliation to avoid the filibuster, the Senate’s parliamentarian must advise on whether the bill adheres to reconciliation’s strict rules before it moves to the Senate floor. The Senate is expected to vote on the budget reconciliation agreement as soon as next week. on a credible path to achieving a roughly 40% reduction in greenhouse gas emissions by 2030. According to an initial analysis by Rhodium Group, its passage would put the U.S. dependence on fossil fuels, particularly foreign oil. Together, these long-term investments in clean energy would reduce inflation, lower household energy bills, and help reduce U.S. investment in climate action and is designed to accelerate the buildout of renewable energy, speed up the adoption of electric vehicles (EVs), and aid in the deployment of energy efficiency technologies in low-income and minority communities.

This would constitute the largest-ever U.S. The expanded legislation now includes an additional $369 billion in climate and energy provisions. 5376), would raise an estimated $739 billion in revenue over 10 years and spend $433 billion, reducing the deficit by approximately $306 billion over a decade. The agreement, titled the Inflation Reduction Act of 2022 (H.R. On July 27, 2022, Senate Majority Leader Chuck Schumer (D-NY) and Senator Joe Manchin (D-WV) announced a deal to significantly expand the scope of Senate Democrats’ planned reconciliation bill.

Analysis of Climate and Energy Provisions in the “Inflation Reduction Act of 2022”Īuthor : Justin McCarthy, Climate Policy Associate ( )

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