The U.S. House of Representatives on Friday passed the Inflation Reduction Act (H.R.5376), the budget reconciliation bill that includes $3 billion over five years to establish a new grant program to install electrified equipment and reduce emissions at ports. This bill will help fund innovative projects at ports to boost resiliency and 'plug in' more cargo and passenger operations. From cranes to cold chain to cruise tourism, the government's investment in port modernization will begin to unlock tens of billions of dollars for projects in the pipeline, according to Association survey data.
The bill passed the House just days after the U.S. Senate and Parliamentarian worked straight through multiple nights to reach a deal that could survive complex budget reconciliation rules on spending, as AAPA reported recently.
AAPA President and CEO Chris Connor remarked, “The passage of the Inflation Reduction Act in both the Senate and the House of Representatives indicates the gravity of energy resiliency needs in the American supply chain. This bill includes $3 billion to kick off a grant program to boost electrification and mitigate emissions, and additional funds to purchase infrastructural components to help ensure energy independence and stability. Port authorities across the nation are ready to upgrade and we’re thankful for the hard work of port representatives and legislators in making this needed bill happen.”
AAPA encourages members to reach out to their representatives to thank them for passing this historic bill and forwarding the efforts toward American supply chain resiliency. The full text of the Inflation Reduction Act is available here and the port electrification section is on page 677. The President’s signature is the final step before this bill’s enactment.