#inflation-reduction-act

#inflation-reduction-act

The U.S. Court of Appeals for the Third Circuit in a split decision today affirmed a district court ruling granting summary judgment to the U.S. government that the imposition of a Medicare Drug Price Negotiation Program via the Inflation Reduction Act (IRA) does not violate Bristol Myers Squibb (BMS) and Janssen Pharmaceuticals' constitutional rights. Judge Thomas Hardiman dissented. The underlying case was brought by BMS and Janssen in the U.S. District Court for the District of New Jersey.

The $5.8 billion Glendale site currently employs about 1,450 workers and could grow to 5,000 if it reaches full capacity. Its inauguration has come after reaping benefits from the Biden administration's pro-climate policies, mainly the Inflation Reduction Act (IRA). In December 2024, the U.S. Department of Energy awarded BlueOval SK a record $9.3 billion loan to build three battery plants: two in Kentucky and one in Tennessee. At the time, the DOE said the projects would support 5,000 construction jobs and create up to 7,500 operations jobs.

"What I see two years out is low-cost will once again drive demand in this market," says McDaniel, general manager of Bila Solar. He adds, "That's going to be a hard road for some of us who have [higher costs] than panels made over in China or Southeast Asia."

A major debate centers on clean energy credits from the 2022 Inflation Reduction Act, with House Republicans aiming to eliminate $522 billion in investments.

"House leadership was able to assuage some of those concerns when the draft of the bill showed that tax credits for biofuels would be preserved."

"The draft reconciliation bill released by House Republicans aims to dismantle key provisions of the Inflation Reduction Act, including the electric vehicle tax credit and carbon capture incentives."

"If this freeze continues, we will continue to lose trust, lose projects, and lose capacity to operate," said Beth Bafford, chief executive of Climate United.