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Senator Hassan Statement on the Inflation Reduction Act Being Signed into Law

Law 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 President Biden signed the Inflation Reduction Act into law: 

“The Inflation Reduction Act addresses the challenges that Granite Staters are facing, and I was proud to work with my colleagues to get this bill signed into law. This law takes on Big Pharma and finally addresses the skyrocketing costs of prescription drugs that have devastated families’ budgets for too long. At a time when Americans have seen their heating and cooling bills rise and high prices at the pump, this law takes meaningful steps to lower energy costs by cutting taxes for families and investing in clean energy technology. Critically, the Inflation Reduction Act achieves this in a way that brings down the deficit and fights inflation. This law jumpstarts a brighter, stronger future for our economy, and I will keep working with my colleagues to keep bringing down costs for Granite Staters.”

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.
  • Capping out-of-pocket expenses for Medicare Part D prescription drugs at $2,000 a year, while also capping insulin costs for those on Medicare.
  • 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  help families lower their 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.