Advancing Youth Enrollment Act

Bill: 116-s-2735
Sponsor: full_name: Sen. Baldwin, Tammy [D-WI]
Introduced: 2019-10-30
Policy area: Taxation
Subjects: Health care costs and insurance

Health care coverage and access

Income tax credits

Tax administration and collection, taxpayers
Latest action: action_date: 2019-10-30
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2019-10-30
action_desc: Introduced in Senate
text: <p><b>Advancing Youth Enrollment Act</b></p> <p>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.) </p> <p>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. </p>

tv_txt: II 116th CONGRESS 1st Session S. 2735 IN THE SENATE OF THE UNITED STATES October 30, 2019 Ms. Baldwin (for herself, Mr. King , and Mr. Booker ) introduced the following bill; which was read twice and referred to the Committee on Finance 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.

1. Short title This Act may be cited as the Advancing Youth Enrollment Act . 2. Reduction of applicable percentage for certain taxpayers (a) In general Paragraph (3) of section 36B(b) of the Internal Revenue Code of 1986 is amended by adding at the end the following: (F) Reduction of applicable percentage for certain taxpayers (i) In general The initial and final applicable percentages under clause (i) of subparagraph (A) (after application of clause (ii) of such subparagraph) shall each be reduced (but not below zero) by— (I) in the case of an applicable taxpayer with an eligible household member who has not attained 31 years of age as of the close of the taxable year, an amount equal to the applicable percentage of 2.5 percentage points, and (II) in the case of an applicable taxpayer with an eligible household member who has attained at least 31 years of age as of the close of the taxable year, an amount equal to the applicable percentage of— (aa) 2.5 percentage points, minus (bb) the amount equal to the product of 0.5 percentage points multiplied by the number of years of age of such eligible household member as of the close of the taxable year in excess of 30. (ii) Applicable percentage For purposes of clause (i), the applicable percentage shall be the amount (expressed as a percentage) equal to the quotient of— (I) the total number of individuals who— (aa) are taken into account in determining the applicable taxpayer's family size under subsection (d)(1) and are covered under the qualified health plan, and (bb) have not attained 35 years of age as of the close of the taxable year, and (II) the total number of individuals who are described in item (aa) of subclause (I). (iii) Eligible household member For purposes of this subparagraph, the term eligible household member means the youngest individual who— (I) is taken into account in determining the applicable taxpayer's family size under subsection (d)(1) and is covered under the qualified health plan, and (II) has attained 18 years of age but not attained 35 years of age as of the close of the taxable year. (iv) Rounding Any reduction determined under clause (i) shall be rounded to the nearest 1/10 of 1 percentage point. . (b) Effective date The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.