The inflation Reduction Act was signed into law on August 16, 2022. Caps the amount that seniors will have to pay for prescription drugs they buy at the pharmacy at $2,000 a year, giving peace of mind to seniors who no longer have to worry about spending thousands and thousands more on prescription drugs. Caps the amount that seniors will have to pay for insulin at $35 for a month’s supply. Provides access to a number of additional free vaccines, including the shingles vaccine, for Medicare beneficiaries. When families need to replace air conditioners, water heaters, or furnaces, they can save up to 30% with tax credits for efficient furnaces, water heaters, air conditioners and more that will save them hundreds of dollars on utility bills. Households can save up to 30% with tax credits for home construction projects on windows, doors, insulation, or other weatherization measures that prevent energy from escaping homes and wasting money. Spurs solar project development in environmental justice communities by providing a 20% bonus credit for solar projects on federally subsidized affordable housing projects and a 10% bonus credit for solar projects in low-income communities. Creates a new Clean Energy and Sustainability Accelerator that will seed state and local clean energy financing institutions, support the deployment of distributed zero-emission technologies like heat-pumps, community solar and EV charging, while prioritizing over 50% of its investments in disadvantaged communities.
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