An act to provide for reconciliation pursuant to title II of S. Con. Res. 14. - Detailed breakdown

Imposes a 15% alternative minimum tax on the adjusted financial statement income of corporations with average annual income exceeding $1 billion.

Imposes a 1% excise tax on the fair market value of stock repurchased by publicly traded domestic corporations.

Establishes a two-tiered credit system where projects receive a bonus rate (5x the base rate) if they pay prevailing wages and meet apprenticeship utilization requirements.

Provides an additional bonus credit for energy projects that meet requirements for using steel, iron, and manufactured products produced in the United States.

Increases the clean hydrogen production credit by five times for facilities that meet specific prevailing wage and apprenticeship requirements.

Establishes a prevailing wage requirement for laborers and mechanics in the construction of multifamily housing to qualify for higher credit amounts.

To receive the full credit, vehicle batteries must meet escalating requirements for critical minerals and components sourced from North America or free-trade partners, excluding foreign entities of concern.

Establishes limits on the manufacturer's suggested retail price (MSRP) and the buyer's modified adjusted gross income to qualify for the clean vehicle credit.

Allows consumers to transfer the clean vehicle credit to the dealer at the point of sale, effectively acting as an immediate rebate or down payment on the vehicle.

Ties enhanced tax credit amounts for certain clean energy projects to compliance with prevailing wage and registered apprenticeship requirements.

Increases the value of clean electricity credits for facilities that use American-made components or are located in designated energy communities.

Requires facilities to meet prevailing wage and apprenticeship standards to qualify for the higher alternative credit rates.

Specifies a 5-year cost recovery period for qualified clean energy facilities, property, and energy storage technology placed in service after December 31, 2024.

Permits eligible taxpayers to transfer (sell) certain clean energy tax credits to other unrelated taxpayers for cash, creating a market for these credits.

Increases the research tax credit that qualified small businesses can claim against payroll taxes by $250,000, for tax years beginning after December 31, 2022.

Extends the limitation on the deduction of excess business losses for noncorporate taxpayers from January 1, 2027, to January 1, 2029.

Provides $3.1 billion for the Secretary of Agriculture to give financial relief as expeditiously as possible to distressed borrowers of Farm Service Agency loans.

Repeals section 1005 of the American Rescue Plan Act of 2021, which provided certain farm loan assistance.

Removes the $25,000,000,000 total cap on the Advanced Technology Vehicles Manufacturing Loan Program.

Extends the start-of-construction deadline to January 1, 2025, for facilities to qualify for the renewable electricity production tax credit (PTC) and the energy investment tax credit (ITC).

Offers an additional tax credit bonus for renewable energy projects located in communities historically dependent on fossil fuels, such as areas with closed coal mines or brownfield sites.

Makes new technologies eligible for the energy investment tax credit, including standalone energy storage, qualified biogas property, and microgrid controllers.

Increases the energy tax credit by 10-20 percentage points for qualified solar and wind facilities that are located in or benefit low-income communities.

Extends the start-of-construction deadline for carbon capture projects to January 1, 2033, and increases credit values, especially for projects meeting prevailing wage and apprenticeship requirements.

Creates a new tax credit for electricity produced at qualified existing nuclear power facilities, effective for electricity sold after December 31, 2023, and before January 1, 2033.

Extends various tax credits for biodiesel, renewable diesel, and alternative fuels through December 31, 2024.

Extends the tax credit for qualified second generation biofuel production for fuel produced before January 1, 2025.

Establishes a new tax credit for the sale or use of sustainable aviation fuel, effective for fuel sold or used after December 31, 2022, and before January 1, 2025.

Creates a new tax credit for the production of qualified clean hydrogen by a taxpayer at a qualified clean hydrogen production facility.

Establishes a new production tax credit for qualified clean hydrogen. The credit amount is tiered based on the lifecycle greenhouse gas emissions of the production process.

Allows clean hydrogen production facilities to elect an investment tax credit instead of the production tax credit, providing flexibility for financing.

Extends the credit for home energy improvements through 2032, increases the rate to 30%, and raises the annual credit limit to $1,200.

Allows taxpayers to claim a credit of up to $150 for a home energy audit that identifies cost-effective energy efficiency improvements.

Extends the tax credit for residential clean energy systems, such as solar panels, through 2034 and restores the credit rate to 30% through 2032.

Makes residential battery storage technology with a capacity of at least 3 kilowatt-hours eligible for the Residential Clean Energy Credit.

Modifies the deduction for energy-efficient commercial buildings, increasing the maximum amount for projects meeting prevailing wage and apprenticeship requirements and lowering the efficiency standard to 25%.

Creates an alternative deduction for retrofitting existing buildings to improve energy efficiency, based on reducing a building's energy use intensity by 25% or more.

Extends the credit through 2032, increases credit amounts up to $5,000, and updates energy efficiency standards based on ENERGY STAR or Zero Energy Ready Home programs.

Replaces the qualified plug-in vehicle credit, removes the manufacturer sales cap, and requires final assembly of the vehicle to occur in North America.

Establishes a tax credit for purchasing a used clean vehicle, equal to the lesser of $4,000 or 30% of the sale price, with income and vehicle price limitations. The credit expires after 2032.

Creates a tax credit for businesses acquiring clean commercial vehicles, capped at $7,500 for lighter vehicles and $40,000 for heavier ones. The credit expires after 2032.

Extends the credit through 2032, increases the limit to $100,000 per item, and requires projects to meet wage standards to qualify for an increased credit amount.

Allocates an additional $10 billion for the credit, with at least $4 billion for projects in former coal communities, and expands eligibility to more clean energy and manufacturing technologies.

Establishes a tax credit for the domestic production and sale of eligible components, including solar, wind, battery parts, and critical minerals, to an unrelated person.

The advanced manufacturing production credit will phase out, reducing to 75% in 2030, 50% in 2031, 25% in 2032, and 0% thereafter. This does not apply to critical minerals.

Reinstates and increases the Hazardous Substance Superfund financing rate on crude oil and petroleum products to 16.4 cents per barrel, with adjustments for inflation after 2023.

Establishes a tax credit for electricity produced at qualified facilities with a greenhouse gas emissions rate not greater than zero, for facilities placed in service after December 31, 2024.

Creates an investment tax credit for qualified clean electricity facilities and energy storage technology placed in service after December 31, 2024.

Phases out the clean electricity credits starting the later of 2032 or when the Secretary determines U.S. electricity production emissions are 25% or less of 2022 levels.

Establishes a tax credit for producing clean transportation fuel, with the amount based on the fuel's lifecycle greenhouse gas emissions. The credit is available for fuel sold after Dec 31, 2024 and before Jan 1, 2028.

Allows tax-exempt entities, state and local governments, and other specified entities to receive a direct cash payment from the Treasury for the value of certain clean energy tax credits.

Directs the Secretary of Agriculture to prioritize conservation proposals that use diet and feed management to reduce enteric methane emissions from ruminants.

Creates a $9.7 billion program for loans and grants to rural electric cooperatives to purchase and deploy renewable energy, zero-emission, and carbon capture systems.

Prohibits using funds for activities in wilderness areas, constructing permanent roads, or actions inconsistent with land management plans or the Roadless Area Conservation rule.

Establishes a competitive grant program for projects in the U.S. that produce, transport, blend, or store sustainable aviation fuel, or develop low-emission aviation technologies.

Establishes the Home Owner Managing Energy Savings (HOMES) rebate program, providing grants to states for rebates to homeowners for whole-house energy efficiency retrofits.

Authorizes grants for states and local governments to adopt and ensure compliance with the latest building energy codes and zero energy codes for new and renovated buildings.

Increases the commitment authority for the Department of Energy's loan guarantee program for eligible energy projects by $40,000,000,000.

Establishes a program to provide loan guarantees for projects to retool, repower, repurpose, or replace energy infrastructure that has ceased operations, or to reduce emissions from operating infrastructure.

Increases the cap on the Department of Energy's Tribal energy loan guarantee program from $2,000,000,000 to $20,000,000,000.

Amends the Outer Continental Shelf Lands Act to authorize offshore wind lease sales in federal waters adjacent to Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, and the Northern Mariana Islands.

Increases the minimum royalty rate for new offshore oil and gas leases from 12.5% to a range of 16.67% to 18.75% for ten years, and 16.67% thereafter.

Increases royalty rates, minimum bids, and rental rates for onshore oil and gas leases. It also establishes a new fee for expressions of interest and eliminates noncompetitive leasing.

Requires that royalties be paid on all gas produced from federal lands and waters, including gas that is consumed or lost by venting, flaring, or negligent releases, with limited exceptions.

Directs the Secretary of the Interior to accept the bids from Lease Sale 257 and to conduct three additional offshore oil and gas lease sales (258, 259, and 261) by specific deadlines.

Prohibits the Secretary from issuing new rights-of-way for wind or solar energy on federal lands unless a minimum acreage has been offered for oil and gas leasing in the preceding year.

Establishes a grant and rebate program to cover up to 100% of costs for replacing eligible heavy-duty vehicles with zero-emission vehicles, including related infrastructure and workforce training.

Imposes a charge on methane emissions from petroleum and natural gas facilities that exceed specified waste thresholds. The charge starts at $900 per metric ton in 2024 and increases to $1,500 by 2026.

Creates a fund to provide grants to eligible nonprofit organizations, which will then offer financial and technical assistance for projects that reduce greenhouse gas emissions, prioritizing low-income areas.

Establishes a grant program for states, municipalities, and tribes to develop and implement plans for reducing greenhouse gas air pollution.

Authorizes the FEMA Administrator to provide financial assistance for costs associated with low-carbon materials and incentives for low-carbon and net-zero energy projects under the Stafford Act.

Requires the IRS to deliver a report to Congress on the cost, feasibility, and public opinion regarding a free, direct e-file tax return system.

Prohibits administrative or judicial review of key determinations in the drug price negotiation program, including drug selection and maximum fair price calculations.

Extends the authority for the Hazardous Substance Superfund to receive advances from the general Treasury fund through December 31, 2032.

Establishes a program under the Social Security Act to negotiate and lower prices for certain high-priced single-source prescription drugs.

The Secretary of Health and Human Services will establish a program to negotiate maximum fair prices for selected high-expenditure, single-source drugs covered under Medicare.

The program will start by selecting 10 Part D drugs in 2026, increasing to 20 Part B and Part D drugs by 2029. Drugs will be selected based on highest total Medicare expenditures.

Eligible drugs are single-source brand-name drugs or biologics that have been on the market for a set number of years (7 for drugs, 11 for biologics) without generic or biosimilar competition.

Certain drugs are excluded from negotiation, including some orphan drugs, low-spend Medicare drugs (under $200,000,000 in 2026), and plasma-derived products.

For 2026-2028, drugs from small biotech companies that constitute a large portion of the company's Medicare sales and a small portion of total Medicare spending are temporarily excluded.

Manufacturers of selected drugs must enter into agreements with the Secretary to negotiate a maximum fair price and provide access to that price for Medicare beneficiaries.

The law establishes a specific timeline for manufacturers to submit data, the Secretary to make an initial offer, and for negotiations to conclude, aiming for the lowest possible maximum fair price.

The negotiated maximum fair price cannot exceed a ceiling based on a percentage of the drug's non-federal average manufacturer price, with lower percentages for drugs on the market longer.

The Secretary must consider factors like manufacturer's R&D costs, production costs, federal financial support, market data, and evidence of therapeutic alternatives and comparative effectiveness.

Manufacturers face significant civil monetary penalties for failing to provide the negotiated price, violating agreement terms, or providing false information.

Mandates that the negotiated price for selected drugs under Medicare Part D shall not exceed the government-negotiated maximum fair price, plus any dispensing fees.

Requires Medicare Part D prescription drug plans to include all selected drugs with a negotiated maximum fair price on their formularies, ensuring beneficiary access.

Allows the HHS Secretary to delay price negotiation for certain biologic drugs for up to two years if a competing biosimilar product is likely to enter the market soon.

Imposes a significant, escalating excise tax on drug manufacturers who fail to comply with the drug price negotiation program, starting at 65% of a drug's sale price.

Requires drug manufacturers to pay rebates for single-source drugs and biologicals covered under Medicare Part B if their prices increase faster than the rate of inflation, starting January 1, 2023.

Reduces beneficiary coinsurance for Part B drugs whose prices have risen faster than inflation. Coinsurance will be 20% of the lower, inflation-adjusted price, effective April 1, 2023.

Requires drug manufacturers to pay rebates for certain Medicare Part D drugs if their prices rise faster than inflation, with the first rebate period beginning October 1, 2022.

Establishes a civil money penalty for manufacturers who fail to pay required inflation rebates for Part B or Part D drugs, equal to at least 125% of the owed rebate amount.

Eliminates beneficiary cost-sharing above the catastrophic threshold for Part D beginning in 2024 and establishes a $2,000 maximum out-of-pocket cap for prescription drugs starting in 2025.

Modifies the government's reinsurance payments in the Part D catastrophic phase starting in 2025, reducing the government's share for certain drugs and including manufacturer discounts in cost calculations.

Establishes a program requiring drug manufacturers to provide discounted prices on certain drugs for Medicare Part D beneficiaries, effective January 1, 2025.

The existing Medicare Coverage Gap Discount Program will not apply to drugs dispensed on or after January 1, 2025, and agreements under this program will be terminated.

Caps the annual increase of the base beneficiary premium for Medicare Part D plans at 6% for the years 2024 through 2029.

Starting in 2025, Medicare Part D plans must offer enrollees the option to pay their out-of-pocket costs in capped monthly amounts, spreading the costs throughout the year.

Prohibits HHS from implementing the rule removing safe harbor protection for prescription drug rebates before January 1, 2032.

Eliminates deductibles and all cost-sharing for adult vaccines recommended by the Advisory Committee on Immunization Practices (ACIP) under Medicare Part D, starting January 1, 2023.

Limits the Medicare payment amount for new biosimilar biological products during their initial market period to be no more than the payment for the original reference product, starting July 1, 2024.

Temporarily increases the Medicare Part B add-on payment for certain qualifying biosimilar biological products from 6% to 8% of the reference product's average sales price for a 5-year period.

Requires state Medicaid and CHIP programs to cover all ACIP-recommended adult vaccines and their administration without any cost-sharing for beneficiaries.

Caps the monthly copayment for covered insulin products at $35 for Medicare Part D beneficiaries and eliminates the deductible for these products, effective for plan years starting in 2023.

Caps the monthly coinsurance at $35 for insulin administered through durable medical equipment (e.g., insulin pumps) under Medicare Part B and waives the deductible, effective July 1, 2023.

Allows high-deductible health plans to cover selected insulin products pre-deductible without disqualifying individuals from contributing to Health Savings Accounts (HSAs).

Extends the enhanced premium tax credits for health insurance coverage under the Affordable Care Act (ACA) through 2025, improving affordability for consumers.

Allows the investment tax credit to cover costs for tangible property needed to connect energy projects (up to 5 megawatts) to the electric grid.

Establishes a direct loan program for the construction or modification of electric transmission facilities that the Secretary of Energy designates as necessary in the national interest.

Establishes a competitive grant program to improve walkability, safety, and transportation access, and to mitigate negative environmental impacts from transportation facilities in disadvantaged communities.

Expands eligibility for full low-income subsidies under Medicare Part D to individuals with incomes up to 150% of the federal poverty line, beginning January 1, 2024.

Increases the investment tax credit for certain clean energy facilities under 5 megawatts that are located in low-income communities or provide benefits to low-income households.

Permanently extends the excise tax rate on coal sales that funds the Black Lung Disability Trust Fund, which provides benefits to coal miners.

Establishes programs providing financial assistance, technical support, and land access aid to farmers, ranchers, and forest landowners who have experienced discrimination or are otherwise underserved.

Establishes a program of loans and grants to improve energy/water efficiency and climate resilience of properties assisted by HUD, contingent on extended affordability periods.

Establishes a rebate program for low- and moderate-income households to purchase high-efficiency electric home appliances and make related upgrades, such as wiring and insulation.

Creates a grant program for community-based organizations and their partners to conduct pollution monitoring, prevention, climate adaptation, and other activities that benefit disadvantaged communities.

Specifies that funds provided for Tribal climate resilience, Native Hawaiian climate resilience, Tribal electrification, and emergency drought relief are not subject to cost-sharing or matching requirements.