Excluding Dependent Income from Health Insurance Tax Credit Calculations.
This act aims to make health insurance tax credits more accessible for families. It proposes that earned income of dependent children and young adults will not be counted towards household income when calculating eligibility for these credits. This could lead to lower health insurance costs for many families.
Key points
Income of dependents under 18 will not be included in household income for health insurance tax credit calculations.
Income of young adults (up to 24) who are students or in job training programs may also be excluded, under certain conditions.
This change could reduce health insurance costs for families with working dependents by increasing their eligibility for credits.
There is a limit to the dependent income exclusion – it cannot exceed 15% of the taxpayer's modified adjusted gross income.
Status:
Introduced
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