Butterfield Applauds House Passage of Inflation Reduction Act - Historic Legislation to Lower Costs for Families and Tackle the Climate Crisis

WASHINGTON, D.C. - Today, Congressman G. K. Butterfield (NC-01) issued the following statement after the U.S. House of Representatives passed the Inflation Reduction Act of 2022:

"In North Carolina's First Congressional District, the Inflation Reduction Act will have an unquestionably positive impact on our communities," said Congressman Butterfield.

"Rural districts need financial relief. This legislation will lower household expenses, lower seniors' prescription drug costs, create good-paying jobs, and deliver the most significant action on climate change in history. For the first time, Medicare will be able to negotiate lower prescription drug prices. Annual out-of-pocket costs will be capped at $2,000. In addition, this legislation will extend subsidies for health insurance under the Affordable Care Act and will lower costs for Americans at the gas pump and lower their electricity bills. It does all this while making a historic $300 billion down payment on the deficit to fight inflation.

"Democrats are tackling big issues head-on and delivering for families across North Carolina and the country. I am proud I helped pass the Inflation Reduction Act and look forward to President Biden signing this bill into law."

KEY PROVISIONS

Health Care

• Empowering Medicare to Negotiate Drug Prices:For the first time, Medicare will be able to negotiate prices for the highest cost single-source drugs in Medicare, saving more than $100 billion over 10 years.

• An Inflation Rebate for Seniors on Medicare:If drug companies raise prices in Medicare faster than the rate of inflation, they must pay rebates back to Medicare for the difference, beginning in October 2022.

• New $2,000 Out-Of-Pocket Cap for Part D Drugs for Seniors on Medicare:Caps Part D out-of-pocket drug costs at $2,000 a year for seniors and individuals with disabilities on Medicare, starting in 2025.

• Caps Insulin Costs at $35 A Month for Seniors and Individuals with Disabilities on Medicare:Caps Medicare beneficiaries' insulin costs at $35 a month.

• Lowers Premiums in ACA Marketplaces for 13 Million Americans:Extends enhanced ACA subsidies for three years, through 2025.

Energy Security and Climate Change Investments

• Single Biggest Investment to Fight Climate Change:The Inflation Reduction Act includes approximately $370 billion in investments addressing climate change.

• Reduces Carbon Emissions:The Inflation Reduction Act's investments will restore American global leadership on climate change by reducing carbon emissions by roughly 40 percent by 2030.

Lower Consumer Energy Costs

• Consumer Home Energy Rebate Programs:Provides $9 billion in consumer home energy rebate programs, focused on low-income consumers, to electrify home appliances and for energy efficient retrofits.

• 10 Years of Consumer Tax Credits to Make Homes Energy Efficient:Provides 10 years of consumer tax credits to make homes energy efficient and run on clean energy, making heat pumps, rooftop solar, electric HVAC, and water heaters more affordable.

• Consumer Tax Credits to Buy Used or New Clean Vehicles:Provides a $4,000 consumer tax credit for lower/middle income individuals to buy used clean vehicles, and up to $7,000 tax credit to buy new clean vehicles.

• $1 Billion Grant Program to Make Housing More Energy Efficient:$1 billion grant program to make affordable housing more energy efficient.

• Methane Emissions Reduction Program:Leaked or intentionally wasted natural gas never makes its way to customers, but they are nevertheless stuck with the bill. The Methane Emission Reduction Program will ensure consumers no longer pay for wasted energy.

American Energy Security and Domestic Manufacturing

• Production and Investment Tax Credits:The bill provides production and investment tax credits to accelerate U.S. manufacturing of electric vehicles, solar panels, wind turbines, batteries, and critical minerals processing, with an estimated total investment of $40 billion.

• Defense Production Act:Provides $500 million in Defense Production Act funding to support heat pump manufacturing and critical minerals processing.

• Domestic Manufacturing:Provides $2 billion for grants to retool existing auto manufacturing facilities to manufacture clean vehicles, ensuring that auto manufacturing jobs stay in the communities that depend on them.

• Financing for Energy Infrastructure, Next Generation Technologies, and Tribal Energy Projects:Provides loans and loan guarantees for more than $300 billion in clean energy infrastructure, advanced technologies, and transmission projects in across the United States, including in historical energy producing communities and on Tribal lands.

• Investing in Our National Laboratories:The bill provides $2 billion for National Labs to accelerate breakthrough energy research.

Decarbonize the Economy

• Tax Credits for Clean Sources of Electricity and Energy Storage:Provides tax credits for clean sources of electricity and energy storage and roughly $30 billion in targeted grant and loan programs for states and electric utilities to accelerate the transition to clean electricity.

• Tax Credits and Grants for Clean Fuels and Clean Commercial Vehicles:Provides tax credits and grants for clean fuels and clean commercial vehicles to reduce emissions from all parts of the transportation sector.

• Grants and Tax Credits to Reduce Emissions from Industrial Manufacturing:Provides grants and tax credits to reduce emissions from industrial and manufacturing processes, including almost $6 billion for a new Advanced Industrial Facilities Deployment Program to reduce emissions from energy intensive industrial and manufacturing facilities like chemical and cement plants.

• Over $9 Billion for Federal Procurement of American-Made Clean Technologies:Provides over $9 billion for Federal procurement of American-made clean technologies to create a stable market for clean products, including $3 billion for the U.S. Postal Service to purchase zero-emissions vehicles.

• $27 Billion Greenhouse Gas Reduction Fund:Provides $27 billion for nonprofit, state, and local climate finance institutions that support the rapid deployment of low- and zero- emission technologies to help communities reduce and avoid pollution, especially in disadvantaged communities.

Invest in Communities and Environmental Justice

• Environmental and Climate Justice Block Grants:Provides Environmental and Climate Justice Block Grants, funded at $3 billion, that invest in community-led projects in disadvantaged communities and community capacity building centers to address disproportionate environmental and public health harms caused by pollution and climate change.

• Neighborhood Access and Equity Grants:Provides Neighborhood Access and Equity Grants, funded at $3 billion, that support neighborhood equity, safety, and affordable transportation access with competitive grants to reconnect communities divided by existing infrastructure barriers, mitigate negative impacts of transportation facilities or construction projects on disadvantaged or underserved communities, and support equitable transportation planning and community engagement activities.

• Grants to Reduce Air Pollution at Ports:Provides grants to reduce air pollution at ports, funded at $3 billion, that support the purchase and installation of zero-emission equipment and technology at ports.

• $1 Billion for Clean Heavy-Duty Vehicles:Provide $1 billion for clean heavy-duty vehicles, like school and transit buses and garbage trucks.

• Clean Energy Tax Credits:Many of the clean energy tax credits also include either a bonus or a set-aside structure to drive investments and economic development in disadvantaged communities.

Farmers, Forestland Owners, and Resilient Rural Communities

• Climate-Smart Agriculture Practices:Provides more than $20 billion to support climate-smart agriculture practices.

• Grants to Support Healthy Forests:Provides $5 billion in grants to support healthy, fire resilient forests, forest conservation, and urban tree planting.

• Tax Credits and Grants to Support the Domestic Production of Biofuels: Provides tax credits and grants to support the domestic production of biofuels, and to build the infrastructure needed for sustainable aviation fuel and other biofuels.

• Grants to Conserve and Restore Coastal Habitats:Provides $2.6 billion to conserve and restore coastal habitats and protect communities that depend on those habitats.

Taxes

The historic Inflation Reduction Act honors our promise to American families - and is fully paid for:

• Makes biggest corporations and ultra-wealthy pay their fair share:is paid for by strengthening IRS enforcement against wealthy tax cheats, closing tax loopholes exploited by the wealthiest few, and implementing a 15 percent corporate minimum tax - which applies only to the 150 corporations making earning over $1 billion in profits that pay less than 15% in taxes.

• NO new taxes on families making $400,000 or less and NO new taxes on small businesses:Not one middle class person filling out their taxes will find that they are facing higher taxes or higher tax rates.

###

Public link

Please use the above public link if you want to share this noodl on another website.