What's in the Democrats' climate and energy legislation
The bill, dubbed the “Inflation Reduction Act of 2022,” would spend nearly $370 billion on a raft of tax credits to help stimulate adoption of clean energy technologies.
Politico.com Kelsey Tamborrino, Josh Siegel and Zack Colman
Senate Democrats struck a deal with West Virginia Sen. Joe Manchin on Thursday for an expansive bill that includes the biggest package in U.S. history to address climate change.
The bill, H.R. 5376 (117), dubbed the “Inflation Reduction Act of 2022,” would spend nearly $370 billion on a raft of tax credits to help stimulate adoption of clean energy technologies, as well as spending for low-income and minority communities that suffer disproportionately from pollution.
It also calls for holding lease sales for oil and gas production on federal land and water, while establishing fines for excessive methane pollution.
Here’s a breakdown of what’s in the bill expected to reach the Senate floor next week:
Clean energy tax credits
Democratic lawmakers have long eyed the party-line budget reconciliation as a crucial vehicle for the extension and expansion of a host of renewable energy tax incentives and for next-generation technologies, including clean hydrogen and advanced nuclear — all of which saw support in the final agreement. The package of credits is seen as the biggest driver of emissions reductions, given its role in accelerating the deployment of renewable energy and new technologies. Read more here