G2G’s Legislative Update
The Senate just passed the Inflation Reduction Act on a party line vote on August 7, a bold measure to address climate change, corporate taxation, and health care. It is a $3.5 trillion budget reconciliation package that includes everything from electric vehicle tax credits to clean energy manufacturing to investments in environmental justice, a new 15% minimum tax on the income large corporations report to shareholders and a new 1% excise tax on companies’ stock buybacks, and extension of the enhanced federal premium subsidies for Obamacare and new Medicare power to negotiate prescription drug pricing. Also, the Senate released draft appropriations legislation for FY2023 on July 28, however, no Republicans were included in the process, so they are likely to change in the final negotiations with the House at the end of the year. See details in our report and please let me know any questions.
Liz Powell, Esq., MPH
Federal Legislative Update
Congress is adjourned for the annual August recess except now the House will be called back to vote on Friday, August 12 to vote on the Senate-passed Inflation Reduction Act. The Senate worked through the weekend to negotiate final terms with Senators Manchin (D-WV) and Sinema (D-AZ) for the reconciliation package called the Inflation Reduction Act. Also the House moved forward passing 6 of the 12 appropriations bills in a mini-bus package before recess. And the National Defense Authorization Act, which passed the House on July 14, has yet to be scheduled for a vote in the Senate.
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