Inflation Reduction Act Of 2022. After the so-called “vote-a-rama,” that lasted all night and into the morning last Saturday / Sunday, the Senate finally voted to pass the Act through reconciliation, by a 51-50 vote margin with only democratic “aye” votes. Official passage of the measure in the Senate occurred after it was slimmed down more than once through amendment. The measure now goes back to the House, where it will almost assuredly pass, likely today, and head to the President’s desk.

The measure’s legislative journey, especially in the Senate, to the end product is fascinating, and we will likely touch on the politics that led to this and what that may portend for future legislation, but for now, let’s get into the meat of this transformative legislation:

• Appropriates $369 billion in Energy Security and Climate Change programs (much of these appropriation are tied to certain labor markers);
• Appropriates $64 billion to extend ACA subsidies through 2024;
• Appropriates $78.9 billion to the IRS to increase enforcement;
• Allows Medicare to negotiate drug prices and caps out-of-pocket costs to $2,000;
• Establishes a 15% minimum alternative tax on corporations that report an average of at least $1 billion in income over three years; and
• Imposes a new 1% excise tax on stock buybacks

Immediately prior to passing the bill, the Senate adopted two amendments that (1) exempt businesses owned by private equity from the new corporate minimum tax and extends existing limits on how...

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