On anniversary of law to lower energy and health care costs for Americans, Senator Casey touts new jobs; energy investment; reduced health care and prescription drug costs for families and seniors, including a $35 a month cap on insulin for seniors
Casey-led provisions drive clean energy and manufacturing, incentivizing projects that use American materials as well as investments in energy communities
Washington, D.C. – Today, U.S. Senator Bob Casey (D-PA) released the following statement on the second anniversary of the Inflation Reduction Act, landmark legislation to lower health care and energy costs for families and boost clean energy production.
“This game changing law invests in the Commonwealth, lowering costs for Pennsylvania families. From health care to electricity bills, Pennsylvanians are spending less on their everyday needs,” said Senator Casey. “I fought for this law to keep hard-earned dollars in Pennsylvanians’ pocket, and I will keep fighting to bring costs down.”
Senator Casey has traveled around the Commonwealth delivering critical investments to Pennsylvania, made possible by the Inflation Reduction Act (IRA). He has visited companies and regions that are poised to benefit from lower costs, tax credits and investments. Senator Casey also continues to push the Administration to ensure that Pennsylvania can take advantage of additional grants, tax credits, and other opportunities.
Senator Casey has long worked to lower health care costs. As Chairman of the U.S. Senate Special Committee on Aging, Casey fought to give Medicare the power to negotiate prescription drug prices. Just yesterday, Medicare successfully negotiated to lower costs for ten additional drugs. Casey’s Lowering Medicare Premiums and Prescription Drug Costs Act, included in the IRA, expanded cost sharing assistance for low-income people with Medicare, capped annual out-of pocket-costs, and lowered the price of insulin to $35 a month. Additionally, thanks to Casey’s advocacy, seniors qualify to receive critical vaccines for free.
Casey has worked tirelessly to ensure that the Commonwealth can continue to be a leader in manufacturing, while also protecting the environment. He fought to include provisions in the clean energy law to boost domestic manufacturing, by providing a bonus tax credit for companies that use American steel, iron, and manufactured goods. Additionally, Casey created a tax credit program to incentivize investment in energy communities—communities whose economies have historically been dependent on the fossil fuel industry. The Treasury Department’s announcement and information on qualifying for the bonus credit can be found here. Casey also delivered millions of dollars from the Domestic Manufacturing Conversion (DMC) grant program to Volvo Mack Trucks and Harley Davidson LiveWire to produce zero-emissions vehicles in Pennsylvania and create hundreds of union manufacturing jobs. Further, Senator Casey delivered $396,108,225 to Pennsylvania to support industrial decarbonization projects, which will create jobs, benefit historically disadvantaged communities, and ensure that the Commonwealth continues to create in-demand goods for the American and global markets. Cleveland-Cliffs in Butler County received $75,000,000 to reduce carbon emissions and increase production of electrical steel. Milton Steel company also received funding to support their steel production business using solar energy. Their steel is used in bridges in the Commonwealth and around the world, including in Ukraine to replace bridges damaged by the Russians.
Through the Neighborhood Access and Equity (NAE) Program, Senator Casey has fought to ensure that communities are safe and accessible. Senator Casey secured $2,500,000 in federal funding to design safety improvements along Route 291 and connect to the City of Chester to the Port of Chester waterfront. The NAE program also helped initiatives to make communities safer and more connected to their surroundings, supporting safety improvements at Ira Reynolds Park in Susquehanna depot and capping the Vine Street Expressway to reconnect Philadelphia’s Chinatown.
The law has also helped Pennsylvania to meet demand for electricity by supporting solar farms across the Commonwealth. Companies including Goonies Solar in Lycoming County and AES Distributed Energy in Fulton and Frankin Counties, developed solar farms that have generated hundreds of megawatts of solar power, enough to power thousands of Pennsylvania homes. This new source of clean energy will ultimately help reduce electricity costs for families.
Thanks to Senator Casey’s advocacy, the IRS Direct File program will be implemented in the Commonwealth, saving Pennsylvanians up to $630 million in combined annual tax filing fees and additional tax credits claimed directly from the IRS.
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