The Inflation Reduction Act Is Official – What’s Next for Nonprofits?
As you have likely heard, the Inflation Reduction Act of 2022 was passed by the House on August 12 and signed by President Biden on August 16.
The bill passed by the Senate earlier in the month (summarized here) remained largely unchanged as it made its way through to completion.
The most common question now – what happens next? As some in the media described, “this is a future-focused bill” – which is a nice way of saying that changes will not be immediate. Nonprofits will be impacted in many ways, but the logistics of how and when, and the details of what – exactly – likely won’t be available for a while.
In the coming weeks, our team will be digging into the three key ways we anticipate this will impact nonprofits, and doing a deeper dive on each. In those blogs, we will outline what we know about how the funding will flow (what federal department, if it will go through the states, etc.) and what we know or may guess about timing and process.
As a reminder, we envision the bill most impacting three key types of nonprofits:
- Organizations focused on environmental and related missions
- Facility and transportation heavy organizations
- Social and environmental justice organizations
Want to know more about the full act? Check out this great summary by our colleagues.
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