The law represents the largest investment into addressing climate change in United States history. Īccording to the nonpartisan Congressional Budget Office (CBO) and Joint Committee on Taxation (JCT), the law will raise $738 billion from tax reform and prescription drug reform to lower prices, as well as authorize $891 billion in total spending – including $783 billion on energy and climate change, and three years of Affordable Care Act subsidies.

All Democrats in the Senate and House voted for the bill while all Republicans voted against it. It was introduced as an amendment to the Build Back Better Act and the legislative text was substituted. The bill was the result of negotiations on the proposed Build Back Better Act, which was reduced and comprehensively reworked from its initial proposal after being opposed by Manchin. It is a budget reconciliation bill sponsored by Senators Chuck Schumer ( D- NY) and Joe Manchin (D- WV). It was passed by the 117th United States Congress and signed into law by President Joe Biden on August 16, 2022. The Inflation Reduction Act of 2022 ( IRA) is a landmark United States federal law which aims to curb inflation by possibly reducing the federal government budget deficit, lowering prescription drug prices, and investing into domestic energy production while promoting clean energy. Signed into law by President Joe Biden on August 16, 2022.House agreed to Senate amendment on August 12, 2022 ( 220–207).

Passed the Senate as the 'Inflation Reduction Act of 2022' on August 7, 2022 ( 51–50) with amendment.

Committee consideration by House Budget.

Introduced in the House as the 'Build Back Better Act' ( H.R. 5376) by John Yarmuth ( D– KY) on September 27, 2021.

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