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Senator Hassan Helps Pass Inflation Reduction Act to Lower Costs, Fight Inflation, and Reduce the Deficit

Bill Includes Key Provisions Hassan Pushed for to Lower Prescription Drug and Home Energy Costs; Also Includes Senator Hassan’s Bipartisan Provision to Double the R&D Tax Credit for Small Businesses and Startups

WASHINGTON – Today, the U.S. Senate passed the Inflation Reduction Act, which will lower costs for Granite Staters and Americans, fight inflation, and reduce the deficit. The bill includes key priorities that Senator Maggie Hassan pushed for to bring down prescription drug costs and home energy costs, and includes Senator Hassan’s bipartisan measure to cut taxes for innovative small businesses and startups.

“Today, we delivered on our commitment to reduce costs for Granite Staters and Americans. The Inflation Reduction Act will lower prescription drug costs by allowing Medicare to negotiate prescription drug prices, a commonsense measure that I have been fighting for after hearing far too many stories of Granite Staters struggling to afford their much-needed prescriptions. And our bill takes meaningful action to lower energy costs and combat climate change, helping us to achieve energy independence,” said Senator Hassan. “Our legislation achieves these critical goals in a way that brings down the deficit and fights inflation. I am proud to have worked with my colleagues to pass this much-needed legislation, and I urge the House to pass our bill without delay.”

The Inflation Reduction Act includes key priorities that Senator Hassan pushed for such as:

  • Allowing Medicare to negotiate prescription drug prices, a measure that Senator Hassan has pressed for, which will bring down the cost of prescription drugs for Medicare beneficiaries and help drive down prices across the board
  • Extending American Rescue Plan provisions that Senator Hassan helped secure to lower health insurance premiums for Granite Staters and Americans who buy insurance through the Affordable Care Act (ACA) marketplaces. Due to this measure, Granite Staters who get their health insurance on the ACA marketplace are, on average, paying almost half as much in premiums and saving nearly $1,000 per person per year
  • Providing a tax cut to families to help lower energy bills by making energy-efficient home upgrades such as updating an HVAC system or even windows or doors.
    • This provision is based on the tax cut in Senators Hassan and Collins’ previously introduced bipartisan bill, the Home Energy Savings Act
  • Investing in the clean energy economy, including tax credits to increase manufacturing of clean energy technology – which can help bring down costs for families and businesses, create clean energy jobs, and reduce reliance on Big Oil or foreign countries
  • Doubling the refundable research and development (R&D) tax credit for small businesses and startups, a bipartisan measure that Senator Hassan wrote and pushed for. As Governor, Hassan successfully worked to double and make permanent the state’s R&D tax credit

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