Bill > S148

This bill, the Dependent Income Exclusion Act of 2021, amends the Internal Revenue Code to exclude certain dependent income when calculating modified adjusted gross income (MAGI) for the purposes of eligibility for the premium tax credit under the Affordable Care Act. Specifically, it excludes the wages or net earnings from self-employment of dependents under the age of 18, or under the age of 24 if they are participating in a qualified job-training or apprenticeship program, up to 15% of the taxpayer's MAGI. This provision is intended to help families with dependent children or young adults who are actively engaged in education or job training maintain their eligibility for the premium tax credit.