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Democrats who wrote and were the sole supporters of the bill,
led by President Joe Biden, have touted the impact it could have
on costs for many Americans, who have been hit this year with
the highest inflation in decades.
Here's how and when key policies in the bill will have an impact
on everyday people.
HEALTHCARE
+ Affordable Care Act premiums: At the end of this year, 13
million Americans would have seen their Affordable Care Act
premiums increase, after subsidies expanded in COVID-19 spending
bills expired. The bill extends those subsidies until 2024, and
Democrats say they will save each individual $800.
+ Cap on drug costs for senior citizens: Starting in 2025, the
bill caps the amount that millions of senior citizens who
receive Medicare will pay in annual drug costs at $2,000.
+ Lower drug prices: These won't be felt in American wallets
until 2026. The U.S. government will start negotiating the price
charged for the top 10 most-used drugs with pharmaceutical
companies in 2025.
ENERGY
+ Electric vehicle credits: Some car buyers may be able to
redeem rebates for buying electric vehicles at auto dealerships
as soon as this year, including $7,500 for new and $4,000 for
used vehicles, depending on income. The U.S. Treasury needs to
write regulations on that income verification and the
administration needs to specify exactly which vehicles qualify
under battery sourcing and critical minerals rules.
+ Homeowner credits: The bill provides $4.28 billion in home
rebate programs that will be administered in each state, which
have to establish guidelines, such as income limits. The program
includes up to $1,750 rebates for heat pump water heaters, up to
$8,000 for heat pump systems for heating, ventilation and air
conditioning (HVAC), and additional rebates for upgrading
electrical panels and improving insulation. The program runs
through Sept. 30, 2031.
+ Solar panels and solar battery systems: Homeowners who install
residential solar panels or solar battery systems will qualify
for a 30% tax credit for installations until Dec. 31, 2034. The
credits will be made available after respective states design
the rules of the program.
(Reporting by Jarrett Renshaw, David Shepardson and Heather
Timmons; Editing by Mary Milliken and Kenneth Maxwell)
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