Inflation Reduction Act to Include Water Provisions

The Senate passed a scaled down version of President Biden’s economic agenda this week.  HR: 5376, the Inflation Reduction act, formerly known as, the Build Back Better Act, includes provisions of $4 billion for fiscal 2022, available through fiscal 2026, for grants, contracts, or financial assistance for projects to mitigate drought in the western US, with priority would be given to the Colorado River Basin and other basins experiencing comparable levels of long-term drought.  It also includes $18.1 billion from fiscal 2023 through fiscal 2026 for the Agriculture Department’s Commodity Credit Corporation programs for environmental quality and stewardship incentives, as well as $350 million for fiscal 2023 for the Environmental Review Improvement Fund to streamline environmental reviews for federal infrastructure projects, including conventional and renewable energy production projects.  The House is expected to pass the bill at today’s scheduled vote, paving the way for the bill to go to the President for signature.

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