INFLATION REDUCTION ACT (IRA) 2022

About:

• The IRA has a special focus on climate, healthcare, and tax provisions to address inflation.
• The Bill marks the largest American investment aimed toward making the U.S. a leader in clean energy. It provides a tax deduction to low and middle-income households to go electric and seeks to lower the energy bills of U.S. households.
• For disadvantaged low-income communities and tribal communities, the Bill provides funding to benefit from zero-emission technologies. It also imposes a fee on methane leaks from oil and gas drilling.
• However, climate advocates criticise the bill for coupling the development of renewable energy, which is the cause of global warming, with land leasing for oil and gas drilling.