CLARKSBURG, W.Va. (WBOY) — A new bill is aiming to reduce the country’s 40-year record-high 9.1% reported inflation rate and a West Virginia Senator has worked closely with Sen. Maj. Leader Chuck Schumer (D, NY) to create it.

This comes as the U.S. economy shrunk for a second straight quarter.

On Thursday, Sen. Joe Manchin (D, WV) held a press conference on the Inflation Reduction Act of 2022.

It includes $300 billion toward reducing the United States federal budget deficit.

A graph of the historical Federal Surplus or Deficit. Source: The St. Louis Fed.

The act imposes a 15% domestic tax on billion-dollar companies, closes what Manchin called the “carried interest loophole” and increases tax enforcement and compliance resources for the Internal Revenue Service (IRS). Manchin said that will include getting the IRS computerized.

Manchin said the bill is expected to create $739 billion in funding over a 10-year period, generated through the minimum corporate tax, Medicaid savings—generated by allowing the program to negotiate drug prices—and increased tax revenue because of eliminating the carried interest loophole and the IRS enforcement enhancements.

While addressing his prior decision not to vote for the Build Back Better Act, Manchin mentioned the high price tag of the bill, as well as the inclusion of foreign energy sources.

It also includes substantial investments in green energy, including $5.8 billion intended to move toward decarbonizing the industrial sector, $25 billion for decarbonizing agricultural practices and $1 billion for states to voluntarily adopt updated building energy codes.

The Inflation Reduction Act, according to a summary released by Manchin’s office, “will immediately validate the historic Fall 2020 offshore oil and gas lease sale that a court threw out and require three more lease sales to take place by the end of 2023, and also hold the Administration’s feet to the fire to ensure they continue substantial oil and gas leasing,” as well as providing new tax credits and direct support for the American energy supply chain.

Manchin’s Office touts that the bill does not create any new taxes on families making $400,000 or less or small businesses and will result in lower Affordable Care Act health care premiums for millions of Americans.

The entire 725-page bill is below:

President Joe Biden spoke about the Inflation Reduction Act later Thursday during a press conference.