On August 7th, 2022, the United States Senate approved a package of legislation entitled “The Inflation Reduction Act,” or (H.R. 5376), a scaled back version of the Biden Administration’s Build Back Better Act (BBB Act) that stalled in the Senate in December 2021. The House of Representatives passed the bill on Friday, August 12th, 2022, without any amendments and sent it to President Biden’s desk. President Biden is expected to sign the legislation during the week of August 15th. The Act’s proponents positioned it as an inflation reduction measure, which means the Act contains new taxes designed to reduce the deficit, as well as several longtime Democrat priorities, including lowering prescription drug costs, addressing healthcare affordability, climate change, and tax reform.

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