The bill, known as the Inflation Reduction Act of 2022, secures the largest-ever investment to tackle climate change. Roughly $370 billion is dedicated to reducing harmful emissions and promoting green technology. The bill will now be sent to President Biden for his signature.
With a vote of 220-207 the House approved a sprawling bill to lower prescription drug costs, address global warming, raise taxes on some billion-dollar corporations and reduce the federal deficit.
Agriculture Secretary Tom Vilsack made the following statement on the passage of the Inflation Reduction Act:
“I want to thank Speaker Pelosi for leading the House in quick passage of the historic Inflation Reduction Act, putting rural America over special interests, and delivering a historic bill to President Biden’s desk.
“The Inflation Reduction Act will provide significant support for farmers, ranchers, and forest landowners as they care for our precious land, adapt and mitigate to climate change and ensure America remains a food secure nation. With historic investments in a clean energy economy, the Inflation Reduction Act will create good-paying jobs and more economic opportunity in rural communities across the country. Rural Americans will see lower utility bills and appreciate the fiscally responsible way the law lowers deficits. The Inflation Reduction Act will also lower costs for seniors, who make up a higher percentage of rural populations than more urban areas, by capping their annual out of pocket costs at the pharmacy and giving Medicare the power to negotiate drug prices.
“The Inflation Reduction Act builds on the Biden-Harris Administration’s historic investments in rural America and furthers the commitment to rural communities demonstrated in the American Rescue Plan and Bipartisan Infrastructure Law. The law is a once-in-a-generation opportunity to build critical infrastructure, to protect communities from wildfire and extreme heat and to drive climate-smart agriculture and renewable energy initiatives nationwide.
“President Biden knows that when rural communities succeed, America succeeds. I look forward to the President signing the Inflation Reduction Act, implementing its historic provisions at USDA, and investing a better future for rural America and all of America.”
The Renewable Fuels Association welcomes biofuel provisions in the Senate-Passed Reconciliation Bill. The RFA made the following statement:
The Inflation Reduction Act passed by the U.S. Senate retained important provisions that will stimulate growth and investment in the use of low-carbon renewable fuels, according to the Renewable Fuels Association. The legislation now moves back to the House of Representatives, where a vote is expected as soon as Friday.
“We were pleased to see that the Senate’s final passage of the Inflation Reduction Act preserved numerous provisions that recognize the important role renewable fuels like ethanol can play in bolstering our nation’s economy and accelerating decarbonization efforts,” said RFA President and CEO Geoff Cooper. “In fact, the package of renewable fuel provisions in the legislation represents the most significant federal commitment to low-carbon biofuels since the Renewable Fuel Standard was expanded by Congress in 2007. RFA will continue to urge the House to swiftly adopt these biofuel measures to ensure American families have greater access to lower-cost, domestically-produced renewable fuels that are good for the environment, the economy, and energy security.”
Among the provisions of the bill supported by RFA, Cooper said, are: $500 million in grants for higher-blend biofuels infrastructure; extensions of several current biofuel tax credits; creation of new tax credits for clean fuel production and sustainable aviation fuel; and enhanced support for carbon capture, utilization and storage.
National Farmers Union (NFU) President Rob Larew issued the following statement in response to the U.S. House of Representatives passing the Inflation Reduction Act of 2022:
(WASHINGTON, DC)—“The passage of the Inflation Reduction Act is cause for optimism for farmers and ranchers across the country, with historic investments in voluntary, incentive-based conservation programs that are critically underfunded. NFU is proud to see investment in biofuels infrastructure that will help farmers’ bottom line and help consumers save at the pump. The inclusion of financial support for economically distressed farmers and ranchers is also a welcome addition that will help keep farmers on their land for years to come,” said NFU President Rob Larew.
“NFU thanks Senate Agriculture Committee Chair Debbie Stabenow, House Agriculture Committee Chair David Scott, and other allies for their work on this historic legislation and the inclusion of multiple NFU priorities in the final bill. We thank President Biden for his leadership in delivering this important legislative achievement for family farmers and ranchers and rural communities and look forward to him signing the bill into law and working with USDA to implement the bill,” Larew concluded.
As the Inflation Reduction Act was being considered, NFU distributed a letter of support to Congressional leadership urging for swift passage of the bill.