To amend the Internal Revenue Code of 1986 to take certain Medicare premiums of household members into account in determining the health care insurance premiums tax credit.

Bill: 118-hr-7017
Sponsor: full_name: Rep. Levin, Mike [D-CA-49]
Introduced: 2024-01-17
Policy area: Taxation
Latest action: action_date: 2024-12-17
text: Referred to the Subcommittee on Health.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 7017 IN THE HOUSE OF REPRESENTATIVES January 17, 2024 Mr. Levin (for himself and Ms. Sánchez ) 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 take certain Medicare premiums of household members into account in determining the health care insurance premiums tax credit.

1. Certain Medicare premiums of household members taken into account in determining health care insurance premiums tax credit (a) In general Section 36B(b) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (4) Adjustment for certain Medicare premiums of household members (A) In general In the case of any applicable taxpayer who elects (at such time and in such manner as the Secretary may provide) the application of this paragraph with respect to any coverage month, the amount determined under paragraph (2)(B)(ii) with respect to such coverage month shall be reduced (but not below zero) by the aggregate amount of specified Medicare premiums of such applicable taxpayer’s household members for such month. (B) Household members For purposes of this paragraph, the term household member means, with respect to any applicable taxpayer, any individual who is taken into account in determining the family size of such applicable taxpayer under subsection (d)(1). (C) Specified Medicare premiums For purposes of this paragraph, the term specified Medicare premiums means premiums paid by the applicable taxpayer or such taxpayer’s household members (and not reimbursed by any other person) for coverage under part A, B, C, or D of title XVIII of the Social Security Act, and premiums for coverage under a Medicare supplemental policy under section 1882 of such Act. . (b) Effective date The amendments made by this section shall apply to coverage months beginning after December 31, 2024.