Bob von Schwedler Permanent Health Coverage Tax Credit Expansion Act

Bill: 117-hr-7823
Sponsor: full_name: Rep. Kildee, Daniel T. [D-MI-5]
Introduced: 2022-05-18
Policy area: Taxation
Latest action: action_date: 2022-05-18
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2022-05-18
action_desc: Introduced in House
text: <p><strong>Bob von Schwedler Permanent Health Coverage Tax Credit Expansion Act</strong></p> <p>This bill makes permanent the tax credit for the health insurance costs of eligible taxpayers and their family members. It also increases the credit percentage to 80% of such costs.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 7823 IN THE HOUSE OF REPRESENTATIVES May 18, 2022 Mr. Kildee 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 make the health coverage tax credit permanent.

1. Short title This Act may be cited as the Bob von Schwedler Permanent Health Coverage Tax Credit Expansion Act . 2. Permanent credit for health insurance costs (a) In general Section 35(b)(1) of the Internal Revenue Code of 1986 is amended to read as follows: (1) In general The term eligible coverage month means any month if, as of the first day of such month, the taxpayer— (A) is an eligible individual, (B) is covered by qualified health insurance, the premium for which is paid by the taxpayer, (C) does not have other specified coverage, and (D) is not imprisoned under Federal, State, or local authority. . (b) Increase in credit percentage Section 35(a) of the Internal Revenue Code of 1986 is amended by striking 72.5 percent and inserting 80 percent . (c) Conforming amendments (1) Section 35(e)(2)(B)(i) is amended by striking clauses (iii) and (iv) of subsection (b)(1)(A) and inserting subparagraphs (C) and (D) of subsection (b)(1) . (2) Subsections (b) and (e)(1) of section 7527 of the Internal Revenue Code of 1986 are each amended by striking 72.5 percent and inserting 80 percent . (d) Effective date The amendments made by this section shall apply to coverage months beginning after December 31, 2021.