Sponsors (16)
This bill trades lower federal spending and simpler federal program rules for the IRA in the short term against higher drug and energy costs for households, slower clean‑energy deployment and research, disrupted grants/contracts, and increased budget uncertainty.
Taxpayers: Eliminating IRA tax credits and related IRS-administered spending reduces projected federal outlays and lowers near-term government expenditures.
Small-business owners and energy workers: Repealing IRA-created programs removes some new federal mandates and grant requirements, simplifying regulatory and grant administration for affected businesses.
Seniors and patients with chronic conditions: Undoing Medicare drug negotiation and other prescription cost provisions would likely keep prescription drug prices higher and forgo federal savings.
Homeowners, middle-class families, and energy-sector workers: Losing clean energy tax credits and incentives would raise upfront costs for rooftop solar, heat pumps, and EVs and could slow clean-energy hiring and projects.
Urban and rural communities: Cutting federal climate and emissions-reduction funding would reduce actions to curb greenhouse gases and increase long-term environmental and public-health risks.
Based on analysis of 2 sections of legislative text.
Repeals the Inflation Reduction Act of 2022 and rescinds unobligated balances that were made available under that law.
Official title: To repeal the Inflation Reduction Act of 2022.
Introduced January 3, 2025 by Andy Ogles · Last progress January 3, 2025
Repeals the entire Inflation Reduction Act of 2022 and directs that any unobligated balances made available under that law be rescinded. The repeal takes effect immediately and withdraws the statutory authorities, programs, tax credits, and previously allocated but unspent funds that were created or funded by the 2022 law.