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Senator Hassan Statement on Inflation Reduction Act Passing House, Going to President’s Desk

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

NEW HAMPSHIRE – U.S. Senator Maggie Hassan (D-NH) issued the following statement after the House of Representatives passed the Inflation Reduction Act, which now heads to the President’s desk:

“I am proud to have worked with my colleagues to send the Inflation Reduction Act to the President’s desk. For too long, Big Pharma has charged exorbitant prices, causing Granite Staters to ration medication and devastating family budgets. Now we have finally passed meaningful, common sense steps to bring down the cost of prescription drugs, improving our families’ health and financial stability. In addition, we are lowering energy costs by cutting taxes for families and investing in our clean energy economy. Our bill achieves these critical goals in a way that fights inflation and brings down the deficit, and I look forward to it becoming law soon,” said Senator Hassan.

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