The Inflation Reduction Act of 2022 will reduce inflation, fight the climate crisis, lower prescription drug prices, and increase access to health care through the Affordable Care Act
WASHINGTON – U.S. Senator Martin Heinrich (D-N.M.) voted for the Inflation Reduction Act that will fight inflation, lower prescription drug and health care costs, make the greatest investments in American history in domestic clean energy production and manufacturing, and reduce the nation’s climate warming carbon emissions.
Senator Heinrich issued the following statement after Senate Democrats passed the bill:
“The United States Senate just took the single greatest action to change the trajectory of the climate crisis. We are fighting inflation, lowering health care and prescription drug costs, and finally making the tax code fairer so it’s no longer rigged in favor of corporations and the ultra-rich.
“Throughout this whole process, I have been especially focused on policies and investments that will really lower costs for families in my home state and move the needle on climate while accelerating the widespread deployment of clean, affordable, and electric technologies.
“We are creating new incentives to help Americans purchase new and used electric vehicles and strategically investing to supercharge our manufacturing base for emerging clean and electric technologies—from heat pumps and wind turbines to batteries, solar components, and EVs—right here in America. I am particularly proud that this bill will establish a new consumer rebates program—mirroring my Zero-Emission Homes Act—that will make the economic, climate, and health benefits of home electrification more affordable for all households.
“The Inflation Reduction Act revamped investment and production tax credits will transform the way we generate and deliver clean, reliable, and affordable power to our homes and businesses. That includes my proposal to establish an Investment Tax Credit for stand-alone energy storage projects, which are essential to shoring up reliability and resilience in the grid.
“This monumental legislation tackles the pressing challenges families are facing today and makes game changing investments to build a much stronger future for our kids. I urge the House of Representatives to pass these major achievements right away and send this bill to the President without delay.”