Health Care Affordability Act of 2023

Subjects: Taxation

Summary:  <p><strong>Health Care Affordability Act of 2023</strong> </p> <p>This bill revises the tax credit for health care premium assistance to expand the eligibility of low-income taxpayers for such credit and&nbsp; reduce the cost of health care premiums.</p>

<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1692 Introduced in House (IH)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                H. R. 1692

To amend the Internal Revenue Code of 1986 to improve affordability and 
        reduce premium costs of health insurance for consumers.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 22, 2023

    Ms. Underwood (for herself, Mr. Allred, Ms. Barragan, Ms. Blunt 
  Rochester, Ms. Clarke of New York, Mr. Cohen, Ms. DeLauro, Ms. Lois 
 Frankel of Florida, Mr. Garcia of Illinois, Ms. Kuster, Ms. Manning, 
Ms. Moore of Wisconsin, Ms. Pelosi, Mr. Pocan, Ms. Porter, Mr. Quigley, 
  Ms. Scanlon, Mr. Schiff, Ms. Schrier, Ms. Sewell, Mr. Soto, and Mr. 
    Trone) introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to improve affordability and 
        reduce premium costs of health insurance for consumers.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Health Care Affordability Act of 
2023''.

SEC. 2. IMPROVE AFFORDABILITY AND REDUCE PREMIUM COSTS OF HEALTH 
              INSURANCE FOR CONSUMERS.

    (a) In General.--Section 36B(b)(3)(A)(i) of the Internal Revenue 
Code of 1986 is amended to read as follows:
                            ``(i) In general.--Except as provided in 
                        clause (ii), the applicable percentage for any 
                        taxable year shall be the percentage such that 
                        the applicable percentage for any taxpayer 
                        whose household income is within an income tier 
                        specified in the following table shall 
                        increase, on a sliding scale in a linear 
                        manner, from the initial premium percentage to 
                        the final premium percentage specified in such 
                        table for such income tier:


------------------------------------------------------------------------
  ``In the case of household  income
 (expressed as  a percent of poverty     The initial        The final
  line)  within the following income       premium           premium
                tier:                  percentage is--   percentage is--
------------------------------------------------------------------------
Up to 150.0 percent..................              0.0              0.0
150.0 percent up to 200.0 percent....              0.0              2.0
200.0 percent up to 250.0 percent....              2.0              4.0
250.0 percent up to 300.0 percent....              4.0              6.0
300.0 percent up to 400.0 percent....              6.0              8.5
400.0 percent and higher.............              8.5           8.5''.
------------------------------------------------------------------------

    (b) Conforming Amendments.--
            (1) Section 36B(c)(1)(A) of the Internal Revenue Code of 
        1986 is amended by striking ``but does not exceed 400 
        percent''.
            (2) Section 36B(b)(3)(A) of such Code is amended by 
        striking clause (iii).
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2022.
                                 &lt;all&gt;
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