The Inflation Reduction Act, signed into law in August 2022, is a landmark U.S. legislative package designed to address inflation by reducing the federal deficit, lowering prescription drug costs, and investing in clean energy initiatives. It includes provisions for corporate tax reform, climate change mitigation, and healthcare affordability. The act is considered one of the most significant climate and economic measures in recent U.S. history, with wide-ranging impacts on industries, consumers, and government policy.