Law includes historic EV credits, tax changes, sustainability initiatives
On Wednesday, President Biden signed the Inflation Reduction Act (IRA) into law, legislation that includes sweeping climate and health care provisions. The IRA contains $369 billion in climate and energy-related funding as well as provisions setting a 15% minimum corporate tax rate. Altogether, the law is expected to reduce climate emissions in the U.S. 40 percent by 2050.
“Tech companies have made climate action a priority, and the Inflation Reduction Act tax provisions will help fund a historic victory in our fight against climate change,” said Chamber of Progress CEO Adam Kovacevich. “Additionally, the investments this bill makes in electric vehicles and climate-friendly projects like sustainable jet fuels are important for tech companies working to achieve zero emissions. Today’s bill signing is a win for the planet and a win for tech.”
Chamber of Progress (progresschamber.org) is a center-left tech industry policy coalition promoting technology’s progressive future. We work to ensure that all Americans benefit from technological leaps, and that the tech industry operates responsibly and fairly.
Our corporate partners do not have a vote on or veto over our positions. We do not speak for individual partner companies and remain true to our stated principles even when our partners disagree.