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- Democrats Pass Climate and Tax Bill, Improve Existing Tax Credits for Eligible HVAC Upgrades with New Limitations - Over the weekend Senate Democrats passed the “Inflation Reduction Act” (IRA) which included modifications to several existing energy tax credits that include HVAC upgrades. Senator Manchin led the caucus in pushing for expanded tax credits to decrease energy usage through energy efficiency as part of the Democrats' push to combat climate change. The IRA was passed by party-line vote 51-50 through the budget reconciliation process with Vice President Harris breaking the tie, the bill now moves to the House where it is expected to pass on Friday.
- State Heat Pump Incentives Get a Major Boost in the Inflation Reduction Act - Yesterday President Biden signed the Inflation Reduction Act (IRA), a tax, drug-pricing, and climate change bill passed through the reconciliation process. One of the components of the IRA is the newly created High-efficiency Electric Home Rebate Program which provides state energy offices with funds to give low and medium-income homeowners and landlords a rebate of up to $8,000 on qualifying changeovers to heat pumps and additional rebates to upgrade electrical panels, ventilation, and home wiring.