CCAGW Annual Ratings

Fiscal 2022 Budget Reconciliation Bill -- Motion to Concur

Description: 

Yarmuth, D-Ky., motion to concur in the Senate amendment to the bill comprising a package of climate, tax and health care provisions. Among drug pricing provisions, the bill would require the Health and Human Services Department to negotiate a "maximum fair price" with drug manufacturers for certain Medicare-eligible, brand-name drugs that do not have generic competition; cap cost-sharing for insulin products covered under Medicare at $35 a month; and require single-source drug manufacturers to provide rebates to HHS for the price of drugs under Medicare Parts B and D for which price increases outpace inflation. For Medicare Part D, it would cap the annual out-of-pocket limit at $2,000. It would extend through 2025 tax subsidies toward Affordable Care Act marketplace insurance premiums for individuals under a certain income level. The bill would provide for approximately $270 billion in new or expanded tax credits to incentivize actions by businesses and individuals to mitigate climate change, including production credits for electricity produced by renewable and nuclear facilities; investment tax credits for certain renewable energy equipment and facilities; and credits for advanced energy manufacturing projects, including in areas where a coal mine or power plant has closed. To incentivize emission reduction and clean fuel production, it would create or extend tax credits for carbon oxide sequestration facilities; biodiesel, renewable diesel and alternative fuels; and clean hydrogen facilities. For most of its corporate tax credits, it would add prevailing wage and apprenticeship requirements and establish bonus credits for using domestic materials in facility construction. It would also expand individual tax credits for residential energy efficiency improvements and renewable energy expenses; increase credits for new energy efficient homes; and create credits for the purchase of used electric vehicles by individuals under a certain income level. It would reinstate the Superfund tax on crude oil at a rate of 16.4 cents per barrel. Among other tax provisions, the bill would establish a 15 percent alternative minimum tax for corporations with a book income of at least $1 million annually and institute a 1 percent excise tax on corporate stock buybacks. It would authorize $79.3 billion for IRS operations, including enforcement activities and systems modernization. The bill would provide funding for various activities to reduce greenhouse gas emissions, promote energy-efficient technologies and mitigate the impacts of climate change, including $27 billion for grants to state, local and nonprofit entities for greenhouse gas emission reduction activities; $9.7 billion for zero-emission or carbon capture rural electric systems; $5 billion for loan guarantees to replace or reduce emissions of energy infrastructure; $3 billion for zero-emission vehicles for the Postal Service; and $1.6 billion for methane emissions reduction and mitigation. It would provide $9 billion for residential energy efficiency improvement rebates; $3 billion for new EPA environmental and climate justice block grants for community-led activities to address pollution, emission reduction, climate resiliency and public engagement; and $3 billion for Federal Highway Administration grants for projects that address surface transportation facilities that disconnect or negatively impact communities. It would provide $4 billion for drought mitigation in Western states; $2.15 billion for hazardous fuel reduction and restoration projects; and $1 billion to improve energy and water efficiency or climate resilience of affordable housing. It would require the Interior Department to accept bids for certain canceled oil and gas leases on the outer continental shelf. It would authorize wind lease sales adjacent to U.S. territories but prohibit new wind or solar development rights on federal lands for 10 years unless the department completes certain oil or gas lease sales.

Vote Number: 
House Vote 420
Bill Number: 
HR 5376
CCAGW Position: 
Nay
Vote Results: 
Motion agreed to, (thus cleared for the president), 220-207 : D 220-0; R 0-207