One year into the implementation of the IRA, Arkansas families, workers, seniors, and students see a brighter future.
LITTLE ROCK – Today, Democratic Party of Arkansas Chair Grant Tennille released the following statement on the anniversary of the Inflation Reduction Act becoming law:
“One year ago, the Biden-Harris Administration did what President Trump failed to do: they delivered historic investments in Arkansas, beating Big Pharma and ultra-wealthy special interests to pass the Inflation Reduction Act. Shamefully, every single Republican in Congress from Arkansas voted against it. The legislation is doing exactly what it promised: lowering healthcare and prescription drug costs for Arkansas families, bringing new jobs to our communities, and making the largest investment in climate in history.
“President Biden and Vice President Harris are doing their part to build a brighter Arkansas, all while Governor Sanders, her extremist cronies in the State Legislature, and our impotent federal delegation threaten to halt our progress.”
Here’s how the Inflation Reduction Act is delivering for Arkansas families, workers, seniors, and students:
- Thousands of seniors and other Medicare beneficiaries in Arkansas will save money on prescription drug costs because of President Biden’s caps on out-of-pocket prescription drug and insulin costs, free vaccines, inflation rebates, and drug price negotiation program.
- In 2021, there were already 19,965 Arkansas workers employed in clean energy jobs. The Inflation Reduction Act is expanding those job opportunities, bringing an estimated $1.5 billion of investment in large-scale clean power generation and storage to Arkansas between now and 2030.
- Hardworking Arkansas families will receive $105.2 million in home energy rebates to help cut their energy costs by weatherizing their homes and replacing old appliances with more efficient models.
- Great Arkansas companies like Nucor and U.S. Steel are booming as their low-carbon, flat-rolled steel is in high demand for all sorts of clean energy products – from lighter, stronger automotive parts to electrical transformers. U.S. Steel is investing $3 billion in a next-generation steel mill in Osceola. It is expected to be one of the most advanced steel plants in North America and the largest private project in the history of Arkansas.
- The Inflation Reduction Act supports climate-smart agriculture practices, which will help Arkansas’s 42,000 farms lead on climate solutions and reward their stewardship. Electric cooperatives, which serve about 520,000 homes, businesses, and other customers in Arkansas, will for the first time be eligible for direct-pay clean energy tax credits.
- Arkansas is home to 258,552 small businesses, representing 99.3% of all businesses in the state, and the Inflation Reduction Act will help them save money. Commercial building owners can receive a tax credit up to $5 per square foot to support energy efficiency improvements that deliver lower utility bills. Other programs that will benefit small businesses include tax credits covering 30% of the costs of installing low-cost solar power and of purchasing clean trucks and vans for commercial fleets.
- The Inflation Reduction Act will make it easier and cheaper for Arkansans to purchase an electric vehicle, with upfront discounts for new and used EVs, helping middle-class Americans skip the gas pump and save on fuel costs.
- The Inflation Reduction Act will significantly reduce pollution, helping Arkansans not only avoid costly climate impacts from more extreme weather, but also improve local air quality.
- The Inflation Reduction Act will upgrade affordable housing, helping thousands of Arkansans boost resilience in the face of intensifying extreme weather.
For more information, here are links to the White House fact sheets: