When Congress passed the budget resolution for fiscal year 2022 in August 2021, it included instructions on how it could change existing laws through a procedure called budget reconciliation. This procedure allows Congress to avoid Senate filibusters to make new policies.
Congress is currently considering a reconciliation bill that would set a minimum corporate tax, add credits for renewable energy and electric vehicles, and allow Medicaid to negotiate the price of some prescription medications among other changes. It remains to be seen whether the reconciliation bill for FY22 will pass through both chambers of Congress and become law.
