President Biden Signs the Inflation Reduction Act

Today, President Biden signed the Inflation Reduction Act of 2022 (IRA) into law. The final IRA bill came together after more than 18 months of intra-party negotiations among Democrats about what legislative priorities to move via the budget reconciliation process. The budget process effectively limits the use of the filibuster and only requires a simple majority of votes for final passage in the Senate, allowing Democrats to enact the IRA without any Republican support.

The following alert provides the third and final update to Akin Gump’s comprehensive IRA section-by-section published before the Senate text was negotiated with Sen. Sinema (D-AZ) and others and subsequently passed by the Senate. Those changes were described in our second update found here. The House of Representatives passed the Senate’s version of IRA, so no additional changes were made to the bill following Senate passage.