The Biden Administration appeared to be unable to pass any significant legislation in the spring of 2022, but in the summer of 2022, four significant bills were passed.
The first three received a limited amount of support from both parties, and the third was included in the budget reconciliation process with only Democratic support.
The Safer Communities Act was the first bill that was passed. After two mass shootings, one in a Buffalo, New York, supermarket and the other at Ulvalde Elementary School in Texas, the law was passed.
The act, which was the first piece of gun control legislation in twenty years, provided $750 million for crisis intervention centers to assist states in enforcing red flag laws against dangerous individuals.
It also closed the so-called “boyfriend” loophole, which prevented people from marrying couples who were not considered to be dangerous to their spouses or children.
The bill gives awards to states to remember adolescent records for the Public Moment Criminal Personal investigation Framework.
Additionally, it increased the number of dealers subject to background checks. Last but not least, it raises funds for school safety and mental health programs. With several Republican votes, the bill was approved.
The Chips and Science Act, the Second Bill. It provides funding for the USA Telecom Act and the Chips for America Act, both of which were previously approved.
The bill, which is the biggest investment in research and development ever made in the United States, gives $248.1 billion to microchip research and development and domestic chip production.
The United States received $39 billion to modernize and construct new semiconductor manufacturing facilities.
The DOC National Technology Center, the DOC National Advanced Packaging Manufacturing Program, the DOC Manufacturing USA Semiconductor Institute, and the DOC Microelectronics Metrology have received additional funding for R&D programs totaling $11 million billion.
Additionally, businesses can receive a tax credit of up to $24 billion to invest in domestic semiconductor manufacturing. Additionally, the act provides funds for security, the development of semiconductors for the Department of Defense, and workforce training.
The PACT Act, the third piece of legislation that was passed, increased veteran benefits for veterans who got sick from burn pits and other toxic places on the battlefield.
Several parts made up the Inflation Reduction Act of 2022, which had very little to do with inflation. The first $391 billion will be used to promote alternative energy and electric vehicles.
The second round will add subsidies to the Affordable Care Act and give the government the ability to negotiate the price of prescription drugs for Medicaid for the first time.
The third round will give the IRS more money to bring in more money. The final round will be a corporate minimum tax that will be based on earnings that are reported to stockholders and on tax returns.