H.R. 3912 — Introduced in House

I 118th CONGRESS 1st Session H. R. 3912 IN THE HOUSE OF REPRESENTATIVES June 7, 2023Mr. Kildee (for himself, Mr. Blumenauer, Ms. Slotkin, Ms. Sewell, Ms. Moore of Wisconsin, and Mr. Evans) 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 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 such Code is amended by striking 72.5 percent and inserting 80 percent. (c) Conforming amendments (1) Section 35(e)(2)(B)(i) of such Code 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 such Code are each amended by striking 72.5 percent and inserting 80 percent. (d) Effective date (1) In general The amendments made by this section shall apply to coverage months beginning after December 31, 2021. (2) Transition rule Notwithstanding section 35(g)(11)(B)(i) of such Code, an election to apply section 35 of such Code to an eligible coverage month (as defined in section 35(b) of such Code) beginning after December 31, 2021, and before the beginning of the first taxable year beginning after the date of the enactment of this Act— (A) may be made at any time on or after such date of enactment and before the later of— (i) the expiration of the 3-year period of limitation prescribed in section 6511(a) of such Code with respect to the taxable year for such coverage month, or (ii) any date specified in guidance issued by the Secretary, and (B) may be made on an amended return.