Washington, D.C. —Today, Congresswoman Deborah Ross (NC-02) voted to pass the Inflation Reduction Act, a transformative piece of legislation that will lower energy and health care costs for North Carolinians, combat climate change, reduce the deficit, and ensure corporations pay their fair share. This legislation also includes Congresswoman Ross’ provision that will overturn the previous administration’s 10-year moratorium on offshore wind leasing off the coasts of North Carolina, South Carolina, Georgia, and Florida. The legislation now goes to President Biden’s desk to be signed into law.
“Today, Democrats are delivering for the American people,” said Congresswoman Ross. “North Carolinians are all too familiar with the burden of rising prices and the devastating effects of the climate crisis. At a time when it is needed most, the Inflation Reduction Act will jumpstart clean energy development in our state and across the country, combat climate change, and lower health care costs.
“I’m especially proud that this package includes a measure I have championed since I first came to Congress to lift the moratorium on offshore wind development in the Southeast, enabling new offshore wind energy projects to move forward that will power homes and create new jobs across North Carolina. This historic legislation puts our state and our nation on a path to a better and brighter future for all.”
The Inflation Reduction Act includes the following climate, health care, and tax provisions to support North Carolinians:
Through this legislation, more than 116,000 North Carolinians on Medicare will have insulin copays capped at $35 per month. More than 625,000 North Carolinians will save on monthly health insurance premiums.
- Lowers Premiums in ACA Marketplaces for 13 Million Americans: Extends enhanced ACA subsidies for three years, through 2025. Without these provisions, these enhanced ACA subsidies would expire in January, causing increases in the premiums Americans would pay who are in the ACA marketplace and leading roughly 3 million Americans to lose their health coverage.
- Caps Insulin Costs at $35 A Month for Seniors and Individuals with Disabilities on Medicare: Caps Medicare beneficiaries’ insulin costs at $35 a month.
- Empowers Medicare to Negotiate Drug Prices: For the first time, empowers Medicare to negotiate prices for the highest cost single-source drugs in Medicare. The provisions save more than $100 billion over 10 years.
The Inflation Reduction Act includes $370 billion to address climate change – the largest investment in U.S. history.
- Makes Homes Energy Efficient: Provides 10 years of consumer tax credits to make homes energy efficient and run on clean energy, making heat pumps, rooftop solar, electric HVAC, and water heaters more affordable.
- Makes Affordable Housing More Energy Efficient: Creates a $1 billion grant program to make affordable housing more energy efficient.
- Makes Clean Vehicles More Accessible: Provides a $4,000 consumer tax credit for lower/middle income individuals to buy used clean vehicles, and up to $7,000 tax credit to buy new clean vehicles.
- Reduces Greenhouse Gasses: Provides $27 billion for nonprofit, state, and local climate finance institutions that support the rapid deployment of low- and zero- emission technologies to help communities reduce and avoid pollution, especially in disadvantaged communities.
- Provides Tax Credits for Clean Sources of Electricity and Energy Storage: Provides tax credits for clean sources of electricity and energy storage and roughly $30 billion in targeted grant and loan programs for states and electric utilities to accelerate the transition to clean electricity.
- Provides Tax Credits and Grants for Clean Fuels and Clean Commercial Vehicles: Provides tax credits and grants for clean fuels and clean commercial vehicles to reduce emissions from all parts of the transportation sector.
The Inflation Reduction Act is fully paid for and will reduce the deficit by $300 billion.
- Ensures the wealthiest pay their fair share: Strengthens IRS enforcement against the wealthiest individuals and corporations, closes tax loopholes exploited by the wealthiest few, and implements a 15% corporate minimum tax – which applies only to the 150 corporations making over $1 billion in profits that pay less than 15% in taxes.
- Tax Fairness: Does not increase taxes for families making $400,000 or less and does not increase taxes for small businesses.
The Inflation Reduction Act also includes Congresswoman Ross’ provision to repeal the 10-year offshore wind leasing moratorium off the coasts of North Carolina, South Carolina, Georgia, and Florida. Since coming to Congress, Congresswoman Ross has led her colleagues in calling for the repeal of the 10-year offshore wind leasing moratorium. In April 2021, she introduced the Restoring Offshore Wind Opportunities Act with Congressman Paul Tonko (NY-20), which would overturn the moratorium. Most recently, her bipartisan amendment to repeal the moratorium passed the House of Representatives as part of the National Defense Authorization Act.