Bill > S1005

This bill, titled the Health Coverage Tax Credit Extension Act of 2015, amends the Internal Revenue Code of 1986 to extend and modify a tax credit designed to help certain eligible individuals pay for their health insurance. Specifically, it extends the availability of this credit, which helps offset the cost of health insurance premiums, by changing the expiration date from January 1, 2014, to January 1, 2020. The bill also introduces new provisions allowing taxpayers to elect to use this credit for eligible coverage months, with the election being binding for the rest of the tax year and generally irrevocable. Importantly, if a taxpayer elects to use this credit, those months will not be considered for the Premium Tax Credit, a separate credit available under section 36B of the Internal Revenue Code, which is often used for health insurance purchased through the Affordable Care Act's Health Insurance Marketplaces. The bill also addresses the coordination of these credits, including how advance payments of the Premium Tax Credit are handled, and clarifies that certain individual insurance plans can be treated as qualified health insurance for the purpose of this credit, even if not enrolled through an Exchange. Furthermore, it extends the program that allows for advance payments of health insurance premium assistance and mandates public outreach by government agencies to inform eligible individuals about the credit's extension and the option to claim it retroactively for coverage months beginning after December 31, 2013.