A home with a 36-panel solar array in Ann Arbor on March 6, 2021. The Inflation Reduction Act provides funding for Michigan homeowners and communities to get tax credits for installing solar panels. (Ryan Stanton | The Ann Arbor News)Ryan Stanton | The Ann Arbor News

President Joe Biden signed a sweeping climate, health care and tax policy bill this week after months of negotiations between lawmakers.

The Inflation Reduction Act funnels $750 billion into climate change efforts, lowering health care costs and tackling the federal deficit. The bill has broad implications for the nation including the biggest climate investment in history, capped drug costs and a 15% corporate minimum tax rate.

But it has incentives too for Michigan.

Related: Capped drug costs, billons for clean energy: Inflation Reduction Act a ‘big deal for Michigan’

“The bill will also surge clean energy production, lowering gas prices, reducing our reliance on foreign oil, and creating millions of manufacturing and energy jobs along the way. Getting this done will fight climate change and protect our precious natural resources — including our Great Lakes,” said Gov. Gretchen Whitmer in a statement last week.

Republicans universally opposed the big-spending legislation, which is not projected to immediately cool hot inflation.

Here are some ways the White House expects Michigan to be impacted by the federal law:

The Biden administration says the Inflation Reduction Act will make it more affordable for Michigan families to make their homes energy efficient.

About 9 million jobs are estimated to be created nationwide over the next decade because of clean energy funding in the bill.

Analysis from the University of Massachusetts Amherst found that tax credits will lead to 1.7 million solar, wind, and other clean energy jobs. Investments in clean manufacturing are expected to create 900,000 jobs, including 80,000 for transitioning to electric vehicle production.

The White House expects Michigan to house some of these jobs.

As a top state for energy employment, Michigan is expected to receive an $8.3 billion investment in clean power generation and battery storage by 2030.

Car buyers are eligible for a $7,500 tax credit when purchasing a new electric vehicle assembled in North America. Used vehicles qualify for a $4,000 tax credit.

Although this is designed to spur consumers to switch to electric vehicles while boosting American manufacturing, it has been met with some pushback.

Anderson Economic Group, a consulting firm based in East Lansing, found at least three-quarters of recent electric vehicle purchases in the United States would not qualify for purchase tax credits under the IRA.

“The bill is a grab-bag of taxes, subsidies, and regulations that will have far-reaching implications for auto manufacturers, dealers, and buyers,” said a statement from Patrick L. Anderson, principal and CEO of Anderson Economic Group. “Looking only at the provisions that directly affect automobile buyers and producers, we find the net impact is likely to be negative on electric vehicle sales in the immediate future.”

Related: Medicare is changing. How will it affect Michiganders?

The Inflation Reduction Act earmarks $40 billion for U.S. farms and rural communities.

Agriculture, a contributor to climate change, will receive funding to boost conservation efforts and support climate-smart practices. Michigan’s 47,600 farms will likely see some of this investment through programs run by the U.S. Department of Agriculture.

The funding was lauded by Michigan agriculture groups, but the Michigan Farm Bureau criticized tax provisions that could lead to higher costs for some farmers.

“We are, however, disappointed in the last-minute inclusion of a tax increase on small, family-owned farms in the form of extending limits on deductions small businesses can claim while we are in a recession,” said a statement from John Kran, Michigan Farm Bureau national legislative counsel.

Related: $40B from federal bill could bolster Michigan farms’ climate efforts

Despite being dubbed the Inflation Reduction Act, the legislation will have little immediate effect on the hot economy. Analysis from the nonpartisan Congressional Budget Office found the bill, which tackles macroeconomic issues, will have a “negligible effect” on inflation in 2022.

A coalition of 253 state and local chambers of commerce and national trade associations sent a letter of opposition to Congress before the bill was passed along party lines.

The groups, including six from Michigan, said the tax policy “would discourage investment and undermine economic growth and price controls that would limit American innovation.”

Advocates of the bill, including U.S. Sens. Debbie Stabenow and Gary Peters, both Michigan Democrats, contend lowering health care and energy costs will help the overall economy.

“One of the central focuses of this bill is to reduce costs to Americans,” Peters said in an Aug. 8 press briefing. “We know that one of the significant drivers of inflation and costs for Americans across our country are rising prescription drug prices.”

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