Utility Dive: On July 27, 2022, Senate Democrats scored a major victory for climate legislation, unveiling the “Inflation Reduction Act of 2022,” a budget reconciliation bill that includes $369 billion in energy and climate spending over the next decade. Critically, Senator Joe Manchin, recently known for his opposition to high-profile Democratic Party legislative ambitions, is in support of the bill, substantially increasing its chances for success.
The bill contains tax credits to incentivize clean energy production and manufacturing, consumer incentives for electric vehicles and energy efficiency upgrades, and funding for transmission development.
The bill represents an important first step for climate legislation.
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