The U.S. Senate passed the Inflation Reduction Act on Aug. 7. Slated to invest more than $300 billion in climate initiatives, the bill is expected to pass the House and be signed by the President. If the bill becomes law, consumers may qualify for tax credits for purchasing electric vehicles and making certain energy-efficient home upgrades. The bill also authorizes healthcare subsidies and provides for Medicare to negotiate prescription drug prices. To secure support, Democrats removed the “carried interest loophole” provision and exempted some businesses from a 15% minimum large corporation tax. They added a 1% excise tax on stock buybacks to make up for lost revenue.