Notably, it provides millions of dollars for building infrastructure to combat climate change in rural areas across the country. And through tax credits, energy rebates, loans, and grants, the IRA provides billions of dollars to support climate-friendly agriculture, forest conservation, and climate-resilient forests as well as sustainable, domestic production of biofuels.
The IRA is the largest investment the United States has made in combating climate change. More than $20 billion has been designated to help farmers implement and expand conservation practices, reduce greenhouse gas emissions, and encourage carbon sequestration in soil and trees; $14 billion will be invested toward clean-energy transitions in rural areas and creating clean-energy jobs in rural communities. According to the Congressional Budget Office (CBO), the bill is unlikely to improve inflation for Americans in the near term. However, the CBO estimates the IRA will reduce the national deficit by $100 billion over the next decade. Other notable provisions in the IRA include a 15% minimum corporate for more information). The law is aggressively tackling climate change, environmental justice, clean air, and sustainable energy transitions. With so many climate provisions, calling it the Carbon Reduction Act may have been more relevant.
