After more than a year of discussions on Build Back Better proposals, Congress passed the Inflation Reduction Act (IRA) in August of 2022. The large domestic policy package invests approximately $400 billion in healthcare, energy security, and climate change mitigation; and aims to reduce the deficit by about $300 billion over the next decade.

Official Title: An act to provide for reconciliation pursuant to title II of S. Con. Res. 14.

Short Title: Inflation Reduction Act (IRA) of 2022 (H.R. 5376)

Public L. No: 117-169


Members of the Congress and the Biden Administration deliberated for a year and a half on a historically large domestic policy agenda known as the Build Back Better plan. Initial proposals called for more than $3 trillion in new federal investment but were subsequently scaled down to secure a sufficient number of votes. These discussions culminated in the proposal and passage of IRA.

Why We Care

IRA was one of the most significant legislative achievements of the 117th Congress. In addition to introducing historic amounts of new federal investment in health, energy, and climate, the proposal also included a number of provisions that may directly and indirectly impact the municipal market.

NABL Stance

NABL did not take a position on IRA but continues to monitor direct and indirect legal impacts of the legislation to the municipal market.

Related to IRA

  • Comments

Suppl. Comments on IRS Notices 2022-49 and 2022-50

Follow up comments to a November 4, 2022 letter sent by NABL suggesting various areas of need for guidance relating to certain tax provisions enacted under the Inflation Reduction Act…

  • Comments

Response to IRS Requests on IRA Implementation

Comments submitted in response to a solicitation from the Internal Revenue Service (Notices 2022-49 and 2022-50) for requests for guidance relating to certain tax law changes enacted by the Inflation…

  • Comments

Statement of Support for Additional Tax Tools to Help Local Governments and

Statement urging Congress to include additional tax tools to help state and local governments in any large domestic policy agenda bill.