The Inflation Reduction Act of 2022
A stripped down 300-page version of previous Biden or Build Back Better administration proposals, passed the House by a vote of 220-207 on August 12, 2022, followed by Senate approval by the narrowest of margins, 51-50, with a tie-breaking vote cast by Vice President Kamala Harris.
The law includes the extension and expansion of green energy incentives, a 15% alternative corporate minimum tax on countable income, a special share buyback tax, and an extension of the Health Care Act premium reductions. At low price. It also contains a massive increase in IRS funding to improve customer service and close the tax gap. The main provisions of the bill focus on tax breaks for green energy and health care. Deficit Reduction In support of the legislation's name, the bill was estimated to reduce inflation by around $300 billion over the next 10 years, although the figure is the subject of much debate.