Kelly Celebrates 2-year Anniversary of the Inflation Reduction Act, Highlights Arizona Savings and Growth

Today, Senator Mark Kelly (D-AZ) celebrated the two-year anniversary of theInflation Reduction Act, a historic piece of legislation that has lowered prescription drug costs for millions of seniors through Kelly’s plan, provided over $4 billion in funding to combat Western drought from Kelly’s negotiated provisions, and included measures to tackle climate change and boost American clean energy manufacturing.  

“Two years ago, we passed the Inflation Reduction Act to make life more affordable for Arizona families and address some of the most pressing challenges facing our state and nation,” said Kelly. “Since then, Arizona families have seen real savings on prescription drugs and our state’s clean energy industry is booming. The progress we’ve seen is just the beginning, and I’m committed to ensuring every Arizonan benefits from the economy of the future we’re creating here in our state.” 

“Today we are celebrating two years of the passage of the Inflation Reduction Act, a transformative investment that is helping us confront the climate crisis. Thank you to the Biden/Harris administration, Senator Mark Kelly, and Arizona’s Congressional Delegation,” said Tucson Mayor Regina Romero. “Thanks to this historic funding, we are protecting and securing our precious water resources, mitigating extreme heat by expanding our urban tree canopy and training our future urban tree leaders, and leading across the Southwest to adapt our building codes to protect our communities from drought, extreme heat, and wildfires.   

Impact of the Inflation Reduction Act in Arizona:  

Prescription Drug Savings: 

• Reformed Medicare to lower drug costs for over 1.1 million Arizona seniors with Medicare Part D coverage, including a cap on out-of-pocket drug costs at $2,000 per year starting next year. 

• Capped the cost of insulin at $35 a month for Medicare beneficiaries. 
• Authorized Medicare to negotiate prices for high-cost drugs with pharmaceutical companies for the first time. 

Clean Energy Investments: 

• Spurred $11.8 billion in new clean energy investments in Arizona, creating 18,130 new clean energy jobs statewide. 

Economic and Environmental Impact: 

• Secured $4 billion to combat Western drought, specifically targeting the Colorado River Basin. 
• Allocated $550 million to develop domestic water supplies in historically disadvantaged communities. 

• Provided $2.15 billion for forest health and wildfire fuels reduction, including support for the Four Forest Restoration Initiative (4FRI).