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'Inflation Reduction Act'

Aug 09

U.S. Senate Passes Inflation Reduction Act

Posted to The Town Crier - Legislative Backgrounder on August 9, 2022 at 9:17 AM by Legislative Staff

Over the weekend, the U.S. Senate utilized the chamber’s reconciliation rules to pass the Inflation Reduction Act, along a party-line vote of 51-50, with Vice President Kamala Harris casting the tie-breaking vote. The majority of the provisions in the act concerns mitigating the effects of climate change, health policy, increased enforcement by the Internal Revenue Services (IRS), and increases in government revenue.

Not included in the package was any consideration of a change to the $10,000 State and Local Taxes (SALT) deduction cap. Public comments indicate that its exclusion will not preclude support from New Jersey congressional members who have previously indicated that the deduction cap removal must be included in the legislation. 

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