The IRA provides YOU benefits in three main areas: #1-CLEAN ENERGY, #2-TAX FAIRNESS and #3-AFFORDABLE HEALTH CARE. See how it does it….

The Inflation Reduction Act (IRA) is groundbreaking federal legislation that creates millions of new clean energy jobs, makes prescription drugs more affordable, and asks the ultra-wealthy and big corporations to pay their fair share in taxes. Passed by Congressional Democrats and signed into law by President Biden on August 16, 2022, the bill is a $500 billion investment that delivers what our communities need to thrive. The bill includes benefits in three main areas: clean energy and climate, affordable health care, and tax fairness.

#1-CLEAN ENERGY: Benefits for YOU

The majority of the IRA’s funding is intended to transform our economy and communities by bolstering the clean energy sector and creating over six million new jobs. This funding includes $216 billion in tax credits to incentivize investment in clean energy, including in wind and solar power, electric vehicles, clean energy supply chains, and transmission infrastructure. In order to take full advantage of the tax credit, businesses and other eligible entities must meet substantial labor and equity standards, as well as requirements that most of the labor and materials used are from the U.S. There are additional benefits available for investments made in communities that have been disproportionately impacted by pollution. And unlike other existing tax credits, states, local governments and nonprofits can take advantage of these clean energy programs, not just corporations. Additionally, there are tax credits available to individuals to purchase electric vehicles, providing up to $7500 for new vehicles and up to $4000 for used vehicles. These credits are payable at the time of purchase, making electric vehicles more affordable.

#2-TAX FAIRNESS: Benefits for YOU

The IRA offers a combination of grants and tax credits focused on constructing new buildings and retrofitting existing ones to be energy efficient and climate resilient, while lowering energy costs for families. There are various initiatives to address the energy efficiency of residential, commercial, and public buildings, which would create 900,000 new jobs. These initiatives include:

  • Tax credits for residential homeowners and tenants to be reimbursed up to 30% of the cost of eligible home improvement investments like energy efficient appliances, rooftop solar panels, geothermal heating, and home batteries.
  • Tax credits for commercial building owners who install systems in their buildings that reduce energy usage by 25%.
  • $1 billion available in loans and grants to improve the energy efficiency and climate resiliency of affordable housing.

#3-AFFORDABLE HEALTH CARE: Are you on Medicare? Health Care Benefits and Savings for YOU

The majority of the IRA’s health care provisions are drug price reforms that reduce costs for millions of Medicare beneficiaries, including:

  • Requiring Medicare to negotiate with pharma companies on the prices of certain high-cost drugs to use its purchasing power to bring down the cost of prescription drugs.
  • Preventing drug companies from price gouging by penalizing them for raising drug prices faster than the rate of inflation. This will result in individuals saving on the cost of 43 different prescription drugs, just in the the period between July 1 and September 30, 2023.
  • Establishing a $35 copay cap on insulin.
  • Capping out-of-pocket expenses for Medicare Part D prescription drugs at $2,000 annually, starting in 2025.
  • Offering free vaccines, as of January 2023.

We want YOU to help educate others about the accomplishments of the Inflation Reduction Act

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