S.Amdt. 3657

1. Inserts new text at the end of section 1002

   Inserts

   In H.R. 4872 · Placed on Calendar Senate

   (B) by striking all that follows "less than" and inserting "the amount of gross income specified in section 6012(a)(1) with respect to the taxpayer.".

   Inserted: (c) Individual Mandate Penalties Credited to Individual Accounts and Used for Premiums.--Section 5000A of the Internal Revenue Code of 1986, as so added and amended, is amended by adding at the end the following:

   Inserted: "(h) Penalties Credited to Individual Accounts and Used for Premiums.--

   Inserted: "(1) In general.--The Secretary shall not later than January 1, 2014, establish and implement a program under which--

   Inserted: "(A) if a penalty has been imposed under this section with respect to an applicable individual for months during any calendar year, the Secretary--

   Inserted: "(i) establishes an account on behalf of the applicable individual, and

   Inserted: "(ii) credits such account with an amount equal to the amount of the penalty, and

   Inserted: "(B) if the applicable individual subsequently becomes covered under minimum essential coverage for 1 or more months, the Secretary pays to or on behalf of the applicable individual an amount equal to the premiums paid by the individual for such coverage (or, if lesser, the balance in the account established under subparagraph (A)).

   Inserted: "(2) Amounts available only for 3 years.--

   Inserted: "(A) In general.--If an account is credited under paragraph (1)(A) with an amount for any calendar year, such amount shall be available for payment under paragraph (1)(B) only for premiums for minimum essential coverage for months occurring during the 3 calendar years immediately following such calendar year.

   Inserted: "(B) Special rules.--For purposes of this subsection--

   Inserted: "(i) the Secretary need only establish 1 account for an individual, and

   Inserted: "(ii) amounts shall be treated as paid out of an account on a first-in, first-out basis.".

   Original wording

   At the end of section 1002, insert the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed