President Biden signs Inflation Reduction Act into law

On Tuesday, President Joe Biden signed into law, the Inflation Reduction Act (the “IRA”), saying “The American people won, and the special interest lost.”

With this new legislation signed into law, this will mark a major victory for the Biden Administration and the Democratic Party ahead of the midterm elections. 

President Joe Biden was joined by House Majority Whip Jim Clyburn and Senate Majority Leader Chuck Schumer during the signing of the new legislation.

“With this law, the American people won, and the special interest lost. This administration began amid a dark time in America…. a once-in-a-century pandemic, devastating joblessness, clear and present threats to democracy and the rule of law, doubts about America’s future itself – and yet we’ve not wavered, we’ve not flinched, and we’ve not given in,” Biden said, per Fox News.

The new legislation imposes a set number of provisions such as:

1. 15% Corporate Alternative Minimum Tax
2. Excise Tax on Corporate Stock Buybacks
3. Extensions of Excess Business Loss Limitation Rules
4. Extension & Expansion of Production Tax Credit
5. Extension, Expansion, and Reduction of Investment Tax Credit
6. Section 45Q (Carbon Oxide Sequestration Credit)
7. Introduction of Zero-Emission Nuclear Power Production Credit
8. Biodiesel, Alternative Fuel, and Aviation Fuel Credit
9. Introduction of Clean Hydrogen Credit

Aside from the new provisions, the act is expected to also raise $737 billion over the next 10 years, according to CNN. The act accomplishes a set number of agenda items the Biden Administration initially had for the Build Back Better Act which failed to pass the Senate in early April of 2021.

After signing the Inflation Reduction Act into law, Biden gave a campaign pitch focusing on an optimistic America with a bright future around the corner.

“To me, the critical duty of the presidency is to defend what is best about America…. To pursue justice, to ensure fairness and deliver results that create possibilities that all of us can live a life of consequence and prosperity in a nation that’s safe and secure. That’s the job. Fulfilling that pledge to you guides me every single hour of every single day on this job,” he said.