– On health care, the bill enables the federal health secretary to negotiate the prices of some drugs for Medicare. It also caps out-of-pocket prescription drug costs for people on Medicare at $2,000, effective in 2025. The bill also provides a three-year extension on health care subsidies in the Affordable Care Act that were originally passed in last year’s pandemic relief bill.
– The sweeping bill allocates more than $300 billion to be invested in energy and climate reform. It’s the largest federal clean energy investment in U.S. history, It includes $60 billion for boosting renewable energy infrastructure in manufacturing, like solar panels and wind turnbines, and includes tax credits for electric vehicles and measures to make homes more energy efficient. The bill is expected to lower greenhouse gas emissions by 40% based on 2005 levels, by the end of the decade.
– On taxes, the legislation establishes a 15% minimum tax for corporations making $1 billion or more in income, which is estimated to bring in over $300 billion in revenue.
– The Chips and Science Act, providing more than $200 billion to boost domestic production of semiconductor computer chips and reduce U.S. reliance on overseas manufacturing of the components that power nearly all facets of modern technology. The legislation was a top priority for the Biden administration, with top officials warning lawmakers ahead of its passage that failure to act would have severe national security and economic consequences.
– Two new laws will extend the time period prosecutors have to prosecute individuals who committed fraud through the Paycheck Protection Program or Covid-19 Economic Injury Disaster Loan program, extending the statute of limitations for criminal and civil enforcement against a borrower to 10 years.