ARTICLE · 18 AUGUST 2022

The Inflation Reduction Act Of 2022

Moodys Private Client Law LLP

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On Sunday, August 7, 2022, the US Senate passed the Inflation Reduction Act of 2022 (H.R. 5376). The vote to pass the bill was strictly on party lines...

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On Sunday, August 7, 2022, the US Senate passed the Inflation Reduction Act of 2022 (H.R. 5376). The vote to pass the bill was strictly on party lines with the 50 Democratic senators voting in favour plus the tie-breaking vote of the President of the Senate and US Vice President, Kamala Harris. The House of Representatives passed the bill on Friday, August 12, 2022, by a vote of 220 to 207. The bill has been in gestation for about a year and corralling the votes of Senators Joe Manchin (D-WVa) and Kyrsten Sinema (D-AZ) required considerable compromise, cajoling and arm-twisting. In the end, the Senate passed the bill. President Biden signed the bill into law on Tuesday, August 16, 2022.

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