On August 16, President Biden signed into law the Inflation Reduction Act of 2022 (P.L. 117-169; the “Act”). Although the Act differs considerably from the wide-ranging domestic economic package Democrats had initially envisioned under the Build Back Better moniker, the Act nevertheless includes a number of significant initiatives addressing the climate, healthcare, and tax issues. The measure passed the House and Senate with only Democratic votes, with Vice President Harris breaking the tie in the Senate under budget reconciliation instructions.
We highlight below key benefits and tax provisions in the Act and include comments on the IRS funding package.
Extension of ACA subsidies
The Act extends by three years — until 2025 — the expanded Affordable Care Act (ACA) premium tax credit that was included on a temporary basis as part of the American Rescue Plan Act (P.L. 117-2). Specifically, it extends the ACA premium tax credits to those above 400% of the federal poverty line and increases the amount of the credits for eligible individuals. Without this extension, the enhanced premium tax credit would have expired at the end of 2022.
Medicare Prescription Drug Pricing Negotiations
The Act allows Medicare to negotiate the price of certain high-cost prescription drugs with no generic or biosimilar competition, and imposes an excise tax on drug manufacturers that do not comply with the negotiated price. The Act limits the number of negotiated drugs to 10 Part...
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