Over the weekend, the Senate passed the Inflation Reduction Act via the reconciliation process, which only requires passage via a simple majority. The bill passed on a party-line 50-50 vote, with Vice President Kamala Harris breaking the tie. The House will likely pass the bill by the end of the week and President Joseph R. Biden, Jr. has indicated that he will quickly sign the bill.
The bill, which is significantly scaled back from the Build Back Better legislation proposed last summer, makes changes to taxes, healthcare and climate. NH&RA and our partners will continue to advocate that housing provisions be included in legislative vehicles, of which the most likely is the bipartisan year-end tax bill.