Biden signs Inflation Reduction Act into law

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US President Joe Biden signed a $750 billion (€737.1bn) healthcare, tax and climate bill into law on 16 August.

During the signing ceremony in the State Dining Room of the White House, Biden said the Inflation Reduction Act is "one of the most significant laws in our history".

Addressing Democrat members of Congress and administration officials, he stated: "With this law, the American people won and the special interests lost".

The act represents the largest climate investment in American history. It will provide new and expanded tax credits for biogas projects, extend an alternative fuel tax credit and reinstate a tax on some oil companies to fund the US Environmental Protection Agency's Superfund programme. In addition, it would introduce a 1% excise tax on stock buybacks and a 15% corporate minimum tax, potentially affecting some of the US' largest waste companies.

The act is estimated to raise over $700bn (€687.8bn) in government revenue over a decade, and spend over $430bn (€422.5bn) to reduce carbon emissions - and extend subsidies for health insurance.

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