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Suspension of Health Insurance Tax Credit Overpayment Recapture for 2020.

This bill aims to ease the burden on individuals who received advance payments of the premium tax credit in 2020. It suspends the requirement to repay any overpaid amounts, meaning people won't lose money that could be used for daily expenses. This is a one-time change specifically for the 2020 tax year.
Key points
Individuals who received advance premium tax credits in 2020 will not have to repay any overpaid amounts.
This change applies only to the 2020 tax year, providing a one-time relief for citizens.
The goal is to prevent financial hardship for those who might otherwise have to return funds.
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Additional Information
To amend the Internal Revenue Code of 1986 to suspend for 2020 the recapture of overpayment of advanced premium tax credit.
Print number: HR 952
Sponsor: Rep. Sherrill, Mikie [D-NJ-11]
Process start date: 2021-02-08