Michael supported and helped craft the Inflation Reduction Act (IRA), which made the largest investment to confront climate change in history, reduces our deficit, and lowers costs for Coloradans.
The IRA will help lower health care and prescription drug costs for Coloradans by requiring Medicare to negotiate drug prices and extending health insurance premium support for three years for over 150,000 Coloradans, as Michael proposed in his Medicare-X public option bill.
As the Chair of the Senate Finance Committee’s Subcommittee on Energy, Natural Resources, and Infrastructure, Michael championed the long-term extension and expansion of the clean energy tax credits in the IRA, including ensuring that entities like rural electric cooperatives, public power, and Tribes have full access to those credits. The IRA also includes incentives to boost domestic clean energy manufacturing, based on Michael’s bills. In addition, it includes an array of Michael’s priorities to support rural communities in the transition to clean energy.
In the eleventh hour of negotiations, Michael secured $4 billion to address drought in the Colorado River Basin in the IRA. As the Chair of the Senate Agriculture Committee’s Subcommittee on Conservation, Climate, Forestry and Natural Resources, Michael pushed to secure in the IRA more than $20 billion in working lands conservation measures and $5 billion to restore the health of our forests to reduce wildfire risk, modeled after Michael’s Outdoor Restoration Partnership Act.
Michael also helped write the IRA’s 15% Corporate Minimum Tax to ensure the country’s 200 richest corporations pay their fair share.