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Making Health Coverage Tax Credit Permanent and Increasing Financial Relief

This bill makes the Health Coverage Tax Credit (HCTC) a permanent feature of the tax code. It increases the credit amount from 72.5% to 80% of health insurance premium costs. These changes are effective for coverage months beginning after December 31, 2021, allowing for amended tax returns.
Key points
The Health Coverage Tax Credit (HCTC) is made permanent.
The tax credit percentage increases from 72.5% to 80% of qualified health insurance costs.
Eligible individuals can claim the increased credit retroactively for coverage periods beginning after December 31, 2021.
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Additional Information
Bob von Schwedler Permanent Health Coverage Tax Credit Expansion Act
Print number: HR 3912
Sponsor: Rep. Kildee, Daniel T. [D-MI-8]
Process start date: 2023-06-07