Bill > HB405

This bill establishes the Health Insurance Premium Stabilization Tax Credit Act, allowing qualified taxpayers to receive a refundable income tax credit for taxable years 2026 through 2030, equal to their "certifiable premium." A "certifiable premium" is the amount determined by the Health Benefit Exchange Division of the State Corporation Commission, which administers the health insurance marketplace (the "Exchange"). This amount is calculated based on the monthly premium balance for each month a taxpayer is enrolled in a qualified health plan, with specific rules for determining this balance, including comparing it to the cost of a silver plan and a percentage of the taxpayer's income. The Division will report these certifiable premium amounts annually to the Department of Taxation, and the credit is designed to help individuals with incomes exceeding 400% of federal poverty guidelines who are enrolled in a qualified health plan through the Exchange.

Budget and Finance

https://lis.virginia.gov/bill-details/20261/HB405