After the House passed the Inflation Reduction Act (TEXT) on Friday by a 220-to-207 vote, President Joe Biden will sign the sweeping $750 billion health care, tax and climate bill into law at the White House at 3:30 P.M. today, marking a major victory for his administration and the Democratic Party ahead of the 2022 midterm elections. Tuesday’s ceremony in the State Dining Room is just one of the many upcoming events that will be focused on the roll out of the new law, according to the White House, including the President hosting a Cabinet meeting focused on implementing the Inflation Reduction Act, traveling across the country to highlight how the bill will help the American people, and hosting a major event to celebrate the enactment of the bill at the White House on September 6th.
The Inflation Reduction Act accomplishes several key Biden legislative agenda items, representing the largest climate investment in American history and making major changes to health policy by giving Medicare the power for the first time to negotiate the prices of certain prescription drugs and extending expiring health care subsidies for three years. The legislation will reduce the deficit, be paid for through new taxes — including a 15% minimum tax on large corporations and a 1% tax on stock buybacks — and boost the Internal Revenue Service’s ability to collect. The Act includes thousands of dollars in tax credits and rebates for consumers who buy electric vehicles, install solar panels or make other energy-efficient upgrades to their homes. Among many items, homeowners can get up to $2,000 in a year for installation of certain electric or natural gas heat pumps, electric or natural gas water heaters, and biomass stoves or boilers. The ACT also extends and tweaks an existing tax credit — worth up to $7,500 — to individuals who buy new clean vehicles like electric cars, plug-in hybrids and hydrogen fuel cell vehicles. That credit would be available through 2032.
BY THE NUMBERS: The Inflation Reduction Act.
SUMMARY: THE INFLATION REDUCTION ACT OF 2022.
The Senate and House are both out for August recess. The Senate will reconvene at 3:00 P.M. on Tuesday, September 6th. Although, it will hold brief pro forma sessions on Friday, August 19th at 2:30 p.m.; Tuesday, August 23rd at 10:30 a.m.; Friday, August 26th at 10:00 a.m.; Tuesday, August 30th at 10:00 a.m.; and Friday, September 2nd at 9:00 a.m.
The House will reconvene for votes on Tuesday, September 13th at 6:30 P.M.
Washington, D.C. Daily Update will resume publication on Wednesday, September 7th.
