President Biden Signs $700B Climate and Tax Bill

Abstract

President Joe Biden signed the bill, the Inflation Reduction Act, on Aug. 16 in a White House ceremony. Design organizations, such as the American Society of Civil Engineers and American Institute of Architects,cheered the legislation. The legislation includes extensions of federal tax credits for solar, wind and other renewable energy projects. Other tax provisions will benefit nuclear power plants and green hydrogen projects. The U.S. General Services Administration will receive $3.375 billion. The legislation also allots an additional $2.4.4 billion for neighborhood access and equity grants. The bill allots to FHWA and other grants for localities and neighborhood access. The American Petroleum Institute was largely negative.