H.R. 1692 — Introduced in House

I 118th CONGRESS 1st Session H. R. 1692 IN THE HOUSE OF REPRESENTATIVES March 22, 2023Ms. Underwood (for herself, Mr. Allred, Ms. Barragán, Ms. Blunt Rochester, Ms. Clarke of New York, Mr. Cohen, Ms. DeLauro, Ms. Lois Frankel of Florida, Mr. García of Illinois, Ms. Kuster, Ms. Manning, Ms. Moore of Wisconsin, Ms. Pelosi, Mr. Pocan, Ms. Porter, Mr. Quigley, Ms. Scanlon, Mr. Schiff, Ms. Schrier, Ms. Sewell, Mr. Soto, and Mr. Trone) 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 improve affordability and reduce premium costs of health insurance for consumers. 1. Short title This Act may be cited as the Health Care Affordability Act of 2023. 2. Improve affordability and reduce premium costs of health insurance for consumers (a) In general Section 36B(b)(3)(A)(i) of the Internal Revenue Code of 1986 is amended to read as follows: (i) In general Except as provided in clause (ii), the applicable percentage for any taxable year shall be the percentage such that the applicable percentage for any taxpayer whose household income is within an income tier specified in the following table shall increase, on a sliding scale in a linear manner, from the initial premium percentage to the final premium percentage specified in such table for such income tier: In the case of household income (expressed as a percent of poverty line) within the following income tier:The initial premiumpercentage is—The final premium percentage is—Up to 150.0 percent0.00.0150.0 percent up to 200.0 percent0.02.0200.0 percent up to 250.0 percent2.04.0250.0 percent up to 300.0 percent4.06.0300.0 percent up to 400.0 percent6.08.5400.0 percent and higher8.58.5 . (b) Conforming amendments (1) Section 36B(c)(1)(A) of the Internal Revenue Code of 1986 is amended by striking but does not exceed 400 percent. (2) Section 36B(b)(3)(A) of such Code is amended by striking clause (iii). (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2022.