House Passes Climate, Healthcare And Tax Bill As Legislation Clears Final Hurdle

deadline.com:

A massive climate, healthcare care and tax bill cleared its final hurdle on Friday, as the House passed the legislation on a party line vote, sending it to President Joe Biden to sign.Democratic members in the chamber cheered as the bill cleared the 218 vote threshold for a majority to pass, and then loudly cheered and clapped when House Speaker Nancy Pelosi announced the tally.

The final vote was 220-207.The Inflation Reduction Act includes $369 billion for energy and climate programs over the next decade, including tax credits for the purchase of electric vehicles and other credits for home solar energy.The bill also includes $64 billion to extend Affordable Care Act benefits, and $4 billion to address the drought in western states.

Another $300 billion in the bill would be directed to deficit reduction.The bill would be financed by a new 15% corporate minimum tax, raising an estimated $222 billion, according to congressional estimates.

The provision was intended to capture large companies with at least $1 billion in profit that, because of accounting maneuvers and write offs, pay at a lower rate or no federal corporate tax.