Inflation Reduction Act 2024. On august 16, 2022, president biden signed the inflation reduction act (ira) into law, marking one of the largest investments in the american economy, energy security, and climate that congress has made in the nation’s history. For fiscal year 2024, which began october 1, 2023, the inflation reduction act provided $1.65 billion for the environmental quality incentives program (eqip), $754 million.

The inflation reduction act is one of the most consequential health care laws since the affordable care act was signed into law, and the biggest improvement to medicare. Price increases have indeed cooled over the past year, with the inflation rate dropping from 9 percent to 3.2 percent.