117 HR 7823 IH: Bob von Schwedler Permanent Health Coverage Tax Credit Expansion Act U.S. House of Representatives 2022-05-18 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.

I117th CONGRESS2d SessionH. R. 7823IN THE HOUSE OF REPRESENTATIVESMay 18, 2022Mr. Kildee introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo 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.