Bipartisan Premium Tax Credit Extension Act
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Bill details
Summary
Introduced in House
Bipartisan Premium Tax Credit Extension Act This bill extends for one year, through 2026, temporary changes enacted by the American Rescue Plan Act of 2021 (ARPA) and the Inflation Reduction Act of 2022 (IRA) that generally expand eligibility for and increase the amount of the premium tax credit. Currently, eligible taxpayers may be able to claim the premium tax credit, which applies toward the cost of obtaining health insurance through health insurance exchanges. To be eligible for the premium tax credit, a taxpayer’s household income must meet or exceed 100% of the federal poverty level (FPL) and, after 2025, may not exceed 400% of the FPL (maximum income limit). For 2021-2025, the ARPA and IRA eliminated the maximum income limit, which generally expands eligibility for the premium tax credit. Further, under current law, the amount of the premium tax credit is (1) generally the plan premium (conditions apply), minus (2) the taxpayer’s household income multiplied by the applicable percentage. The applicable percentage is a specific percentage that varies depending on which of six income ranges (adjusted for inflation after 2025) the taxpayer’s household income falls within. For 2021-2025, the ARPA and IRA lowered the applicable percentages and eliminated the adjustment of the applicable percentages for inflation, which generally increases the amount of the premium tax credit. The bill extends for one year, through 2026, the elimination of the 400% maximum income limit, the lower applicable percentages, and the elimination of the inflation adjustment for the applicable percentages.
District impact notes
The Bipartisan Premium Tax Credit Extension Act extends changes to the premium tax credit through 2026, which may help more people afford health insurance. • This could increase access to health insurance for residents who previously exceeded the income limit. • Local health care providers may see changes in patient coverage and payment structures as more individuals gain access to insurance. • There may be questions about how the extension will be funded and its long-term sustainability in the context of overall health care costs. AI-generated from official bill summary and plain-English note; verify with official text.
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