3.0.0 4886 2023-01-14T22:48:18Z 2023-01-14T22:48:18Z House H HR 2004-07-21 108 hswm00 Ways and Means Committee House Standing Referred to 2004-07-21T14:01:05Z 2004-07-21 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2004-07-21 Introduced in House IntroReferral Intro-H 9 Library of Congress 2004-07-21 Introduced in House IntroReferral 1000 9 Library of Congress H000413 Rep. Hayworth, J. D. [R-AZ-5] J. HAYWORTH R AZ D. 5 N P000258 Rep. Peterson, Collin C. [D-MN-7] COLLIN PETERSON D MN C. 7 2004-07-21 True L000293 Rep. Lewis, Ron [R-KY-2] RON LEWIS R KY 2 2004-07-21 True Taxation Coinsurance Cost of living adjustments Employee health benefits Finance and Financial Sector Government Operations and Politics Government paperwork Health Health care fraud Health insurance Income tax Indexing (Economic policy) Insurance premiums Labor and Employment Medical economics Medically uninsured Tax credits Tax penalties Tax refunds Tax returns Taxation 00 2004-07-21 Introduced in House 2004-10-01T20:11:01Z Health Credits Act of 2004 - Amends the Internal Revenue Code to allow a refundable tax credit for up to $3,000 of the cost of health insurance for a taxpayer and the taxpayer's spouse and dependents ($1,000 for individuals). Phases out the credit for individual taxpayers with modified adjusted gross incomes in excess of $15,000 ($25,000 for taxpayers with family coverage). Disqualifies taxpayers who participate in an employer-subsidized health plan, who qualify for certain Federal benefit programs or medical savings account tax deductions, who are incarcerated, or who are not present in the United States for at least 183 days during the year. Permits participation in individual or group health plans, health care coverage purchasing pools, high risk pools, or State buy-in programs. Requires plans to offer annual and lifetime maximum benefits of at least $700,000 and limits deductibles to $5,000 for self-only coverage and $10,000 for family coverage.

Requires informational returns from providers of health insurance who receive payments from individuals receiving a tax credit under this Act.

Imposes criminal penalties on any individual who knowingly misuses Department of the Treasury identifiers to convey the false impression of association with, or approval or endorsement by, the Department of the Treasury of any insurance products or group health coverage in connection with the tax credit for health insurance provided by this Act.

Directs the Secretary of the Treasury to establish a program for making advance payments of credit amounts to providers of qualified health insurance for individuals receiving a tax credit under this Act.

]]> Health Credits Act of 2004 Display Title Health Credits Act of 2004 Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide a refundable credit for health insurance costs. Introduced in House IH Short Titles as Introduced Health Credits Act of 2004 Introduced in House 2004-07-21T04:00:00Z 2004-07-21 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.