Luján Statement on Senate Passage of the Inflation Reduction Act
Washington, D.C. – U.S. Senator Ben Ray Luján, (D-N.M.) issued the following statement on Senate passage of the Inflation Reduction Act of 2022:
“After a long-fought legislative battle on the Senate floor, I was honored to vote with Senate Democrats in support of the Inflation Reduction Act, which will work toward our goal of lowering health care and energy costs for hardworking families, take serious action to combat the climate crisis, and help deliver real results for our communities,” said Senator Luján. “For years, Congressional Democrats have championed lowering the cost of prescription drugs and the Inflation Reduction Act will work toward this goal by finally allowing Medicare to negotiate prices and protect consumers. This critical provision will help ensure New Mexican families can afford life-saving prescriptions and not have to choose between medicine and putting a meal on the table.
“This legislation will be the most transformative action that Congress has ever taken to tackle the climate crisis. Passing this bill is only the beginning—I will work hard, alongside my colleagues, and President Biden and his administration, to ensure these programs are successful, and that they align with New Mexico’s challenges and opportunities. Together we will build a clean energy future in America, protect our air, water, and lands, reduce harmful emissions, and revitalize communities across the country.
“Senate Democrats know hardworking American families are hurting. And at this pivotal inflection point for our country, Senate Democrats delivered for the American people. I look forward to President Biden signing this legislation into law, and setting our country on a new path toward a bright future for our loved ones, and for the generations to come.”
Key Provisions Promoted by Senator Luján:
- Enhanced financial assistance for ACA Marketplace coverage will expand access to free or nearly free premiums.
- Medicare will begin directly negotiating the cost of the most expensive prescription drugs. Seniors on Medicare will have their out-of-pocket prescription drug costs capped at $2,000 per year.
- Over $20 billion for climate smart agriculture by funding successful but oversubscribed conservation programs.
- Over $1 billion for the Rural Energy for America Program (REAP) to help agricultural producers and rural small businesses acquire renewable energy systems or make energy efficiency improvements.
WILDFIRE & FORESTRY
- $5 billion for wildfire protections and climate-smart forestry to prevent catastrophic fires and protect the health of our forests.
- $30 billion in targeted grant and loan programs for states and electric utilities to accelerate the transition to clean electricity.
- Senator Luján’s CATCH Act—legislation to modernize and expand the 45Q production tax credit.
- $9.7 billion to provide assistance to rural electric cooperatives to promote resiliency, reliability and affordability while decreasing emissions from rural electric systems.
- Tax incentives to promote the U.S. manufacturing of solar panels, batteries, and wind turbines.
- Wind and solar investment tax credit extension for 10 years.
- A tax credit extension to help low-and moderate-income (LMI) households afford renewable energy and efficiency projects.
- Tax incentives for very low-carbon hydrogen production for transportation, energy, and industrial use.
- $550 million for household water supply projects in disadvantaged communities.
- $4 billion to mitigate the effects of drought in Western states like New Mexico.
- $1.55 billion for a methane emissions reduction program to cut methane emissions from the oil and gas sector.
- $27 billion for greenhouse gas reduction fund, otherwise known as a “green bank.”
- $5 billion for pollution reduction plans and implementation grants, which will help local and Tribal governments take action on climate in a way that’s best for each community.
- $3 billion for environmental and climate justice block grants to reduce pollution in communities that have been hit the hardest.
- $250 million for wildlife recovery and habitat restoration in national and state wildlife refuges.
- $2 billion to invest in infrastructure at our National Laboratories.