- The Inflation Reduction Act would provide a 10-year solar power credit extension.
- Several industries are expected to benefit from the Act, including domestic manufacturing, hydrogen, and energy storage.
The Inflation Reduction Act Is Now Law—Here’s What It Means For You
The Inflation Reduction Act is a slimmed-down version of the Build Back Better bill, which aimed to make historic investments in the nation’s social safety net. The new bill makes the largest investment in combating climate change in U.S. history, lowers the cost of prescription drugs and raises taxes on corporations.Energy security and climate change investments: The bill includes numerous investments in climate protection, including tax credits for households to offset energy costs, investments in clean energy production and tax credits aimed at reducing carbon emissions.