Senator Nick Frentz (DFL-Mankato) hailed the passage of the Inflation Reduction Act on Friday, saying that the climate change, healthcare, and tax law will improve life for working families in Minnesota.
“This is a big deal,” said Senator Frentz. “I’m thankful to President Biden and Congressional Democrats for passing this momentous bill that will reduce costs for Minnesotans, invest in decarbonization and a clean energy future, and improve healthcare access and affordability. I look forward to working with my colleagues to use this federal funding to accelerate Minnesota’s transition to a clean energy future.”
The Inflation Reduction Act is the largest federal investment in the fight against climate change and includes a total of $369 billion in energy security and climate change programs. The bill also increases health care access and affordability and will reduce the federal deficit.
Highlights of the bill include:
- Investment Tax Credit/Production Tax Credit extension for new wind and solar projects, 10 years of tax credits for better home energy efficiency, and $7,500 EV tax credit for the purchase of new vehicles, and $4,000 for used.
- $5.8 billion for industrial decarbonization administered through the Department of Energy’s new Office of Clean Energy Demonstrations and roughly $30 billion in targeted grant and loan programs for state and electric utilities to accelerate the transition to clean electricity.
- More than $20 billion to support climate-smart agriculture practices and tax credits and grants to support domestic production of biofuels and build the infrastructure needed for sustainable aviation fuel.
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