This bill would cancel any leftover, not-yet-committed money from two parts of the Inflation Reduction Act and erase those parts of the law. In short, if funds from those sections haven’t already been promised to a contract or project by the day this becomes law, they would be taken back, and those sections would no longer exist .

• Who is affected: Communities, companies, and agencies that were expecting future awards from those two sections of the Inflation Reduction Act .
• What changes: Any unspent, unobligated balances are rescinded, and the two sections themselves are repealed, stopping future use of those funds .
• When: It would take effect on the date it becomes law, applying to funds that are still unobligated at that time .