summary
Introduced
10/30/2019
10/30/2019
In Committee
10/30/2019
10/30/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to reduce the applicable percentage under the premium assistance tax credit for households with young adults. This bill amends the Internal Revenue Code to increase the premium assistance tax credit for taxpayers with household members between the ages of 18-34. (The credit is available to eligible individuals and families to subsidize the purchase of health insurance on an exchange established under the Patient Protection and Affordable Care Act.) The bill allows an increased tax credit for the purchase of health insurance by reducing the maximum percentage of income that taxpayers under age 31 must pay for coverage by 2.5%, with reductions of .5% for each year for ages 31-34.
AI Summary
This bill amends the Internal Revenue Code to increase the premium assistance tax credit for taxpayers with household members between the ages of 18-34. The bill allows an increased tax credit for the purchase of health insurance by reducing the maximum percentage of income that taxpayers under age 31 must pay for coverage by 2.5%, with reductions of 0.5% for each year for ages 31-34. This is intended to encourage young adults to enroll in health insurance plans, as the Affordable Care Act (ACA) relies on their participation to keep premiums affordable.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Read twice and referred to the Committee on Finance. (on 10/30/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/2735/all-info |
| BillText | https://www.congress.gov/116/bills/s2735/BILLS-116s2735is.pdf |
| Bill | https://www.congress.gov/116/bills/s2735/BILLS-116s2735is.pdf.pdf |
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