Tax & Budgets, Health Care & Wellness, Energy & Environment
How Will the Inflation Reduction Act Impact State Policy?
August 17, 2022 | MultiState
After several iterations, Congress passed the Inflation Reduction Act (IRA). The bill makes big strides toward fulfilling key Democratic campaign promises, including reductions in carbon emissions, the ability to negotiate some drug prices, and extension of the Affordable Care Act. It also raises approximately $739 billion in new federal revenue through targeted tax increases and increases funding for the Internal Revenue Service (IRS). But which, if any, of these policies will have direct impacts on state policy and policymakers? In this post we highlight a few major provisions and break down their impact on states.