This is a press release from the office of Congressman Jared Huffman:
[On Friday]Rep. Jared Huffman (D-San Rafael) voted to pass the Inflation Reduction Act, a landmark bill that includes unprecedented investments to cut costs for the people of the United States, fight climate change and close tax loopholes to finally make wealthy corporations pay their fair share.
“From the start, I pushed for an economic package that would advance the President’s comprehensive agenda and fulfill our promises to the American people. And this bill will address some of the most important issues facing my constituents: reduce prescription drug and energy costs, extending health coverage to millions, taking action on climate change while creating millions of jobs, and finally getting corporations to start paying their fair share. in taxes, Rep. Huffman said. “This is by far the biggest step the United States has ever taken to address climate change, but I know this is by no means a ‘mission accomplished’ moment. There are still plenty of priorities left on the cutting room floor that I will continue to champion, and we need to get out of the fossil fuel roller coaster that has fueled inflation and killed our planet once and for all.
The Inflation Reduction Act contains key investments Rep. Huffman led in his role on the House Natural Resources and Transportation and Infrastructure Committees, including:
- $3 billion to the United States Postal Service to purchase electric vehicles and build charging and support infrastructure. It also includes $15 million to the USPS Inspector General for overseeing the implementation of the Postal’s electric vehicle fleet. Rep. Huffman has advocated for the electrification of the postal fleet since coming to Congress through his Postal Vehicle Modernization Act.
- Funding for National Forest System restoration and fuel reduction projects, including $1.8 billion for hazardous fuel reduction projects; $200 million for vegetation management projects; and $50 million for the protection and inventory of ancient forests. Rep. Huffman backed a myriad of wildfire mitigation and prevention laws, including the recently passed law Fire Response and Drought Resilience Act.
- A number of investments for the tribes, including $12.5 million for emergency drought relief; $225 million for the Tribal High-Efficiency Electric Home Rebate Program; $220 million for tribal climate resilience and adaptation programs; and $145.5 million for a tribal electrification program. Huffman has been a consistent advocate for the tribes in his district. This congress, he introduced a law to help tribes access funds for water-resilient infrastructure.
- Provides $2.6 billion to the National Oceanic and Atmospheric Administration (NOAA) to fund coastal states for the conservation, restoration, and protection of coastal and marine habitats and resources, including fisheries. As chair of the Water, Oceans and Wildlife Subcommittee and co-chair of the National Marine Sanctuaries Caucus and the California Coastal Caucus, Rep. Huffman has championed coastal conservation and restoration through several legislative actions, including its recent Bicameral Coastal Habitat Conservation Act of 2021.
The bill also includes important provisions relating to:
- Allows Medicare to negotiate drug prices: The bill will lower the prices of the most expensive drugs for seniors and others enrolled in Medicare. The bill also caps the monthly cost of insulin at $35 for those covered by Medicare.
- Extends US bailout tax credits for health insurance through 2025: This will protect affordable insurance for about 13 million people and prevent 3 million people from losing their health insurance altogether.
- Medicare Part D $2,000 Reimbursable Cap: It protects seniors from big pharma price hikes by capping out-of-pocket Medicare costs at $2,000 a year, with the ability to divide that amount into affordable monthly payments and providing seniors with free vaccines.
- Domestic manufacturing of clean energy and transportation technologies: Includes more than $60 billion for clean energy manufacturing in the United States across the entire clean energy and transportation technology supply chain.
- Clean energy tax credits: Extends the full value of tax incentives for solar, wind and other clean energy technologies to projects that meet certain labor requirements. Includes a tax credit for energy storage, hydrogen and existing nuclear, and increases the value of the carbon capture tax credit (45Q).
- Whole house rebates based on home energy performance: $4.3 billion over ten years to state energy offices to develop and implement a HOMES rebate program to significantly reduce home energy bills.
- High Efficiency Electric Home Rebate Program: $4.3 billion over 10 years to state energy offices to provide family rebates for efficient appliance upgrades, weather protection and other renovations.
- Training grants for state-based home energy efficiency contractors: $200 million for grants to states to develop and implement contractor training programs to install energy efficiency upgrades and home electrification.
- Greenhouse Gas Reduction Fund: Establishes a $27 billion program to provide grants, loans and other forms of assistance to support the deployment of zero-emissions technologies. Of this amount, $7 billion will be dedicated to supporting state green banks.
- Improve the energy efficiency or water efficiency or climate resilience of affordable housing: $837.5 million to make affordable housing more efficient and resilient.
- Wind at sea: Directs the Department of the Interior (DOI) to conduct offshore wind lease sales in federal waters around American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, Puerto Rico, and the US Virgin Islands.
- Tax credit for electric vehicles and refueling goods for alternative fuel vehicles: A tax credit worth up to $7,500 for buyers of new all-electric cars and plug-in hybrids would be extended through 2032. The bill would also create a separate tax credit from a maximum value of $4,000 for used versions of these vehicles. It also provides up to $100,000 for each charging station or refueling pump installed.
- Clean heavy vehicles: $1 billion over ten years to eligible recipients and contractors for zero-emission heavy-duty vehicles, including school buses.
- Grants to reduce air pollution in ports: $3 billion over five years for a competitive program of grants and rebates to support the installation of zero-emissions equipment or technologies in ports.
- Subsidies for low-carbon transport materials: $2 billion over five years to the Federal Highway Administration to reimburse the difference in cost between low-carbon materials and traditional materials used in highway construction projects.
- Neighborhood Access and Equity Grants: $1.9 billion over five years for a competitive grant program to the Federal Highway Administration to improve walking, safety and access to affordable transportation.
Progressive tax reforms
- 15% National Alternative Minimum Corporate Tax: For years, many giant corporations have run away without paying taxes, leaving small businesses and working families to foot the bill. This is a major step forward in the fight against corporate tax avoidance and will help level the playing field for companies large and small paying the full freight.
- IRS financing: After years of Republican budget cuts, this bill provides $80 billion in mandatory funding for the IRS, which will allow the agency to crack down on wealthy tax cheats, provide better service to those who pay what they owe and reduce the deficit by about $400 billion.
- Excise tax on share redemptions: Too many big corporations have invested record profits in stock buybacks, enriching wealthy shareholders and their CEOs instead of investing in their employees or growing their businesses. The bill imposes an annual excise tax of 1% on the value of share buybacks by publicly traded companies.
Environment and Environmental Justice
- NOAA Funding: $320 million for the construction of new National Oceanic and Atmospheric Administration facilities, more efficient licensing processes and research improvements.
- Air quality monitoring: $235.5 million for national air quality monitoring and pollution control programs.
- Environmental and Climate Justice Block Grants: $3 billion for grants and technical assistance to community organizations for air pollution and climate change monitoring and mitigation projects.