S.Amdt. 3676

1. Adds SECTION __. HEALTH CARE COST INCREASE TAX CREDIT at the end of subtitle E of title I

   Adds a section

   In H.R. 4872 · Placed on Calendar Senate

   The percentage under paragraph (1) of section 202(b) of the Corporate Estimated Tax Shift Act of 2009 in effect on the date of the enactment of this Act is increased by 15.75 percentage points.

   Inserted: SECTION __. HEALTH CARE COST INCREASE TAX CREDIT.

   Inserted: (a) In General.--Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 25D the following new section:

   Inserted: "SEC. 25E. HEALTH CARE COST INCREASE TAX CREDIT.

   Inserted: "(a) In General.--In the case of an eligible taxpayer, there shall be allowed a credit against the tax imposed by this chapter for the taxable year in an amount equal to the lesser of--

   Inserted: "(1) the health care cost increase amount for such taxable year, or

   Inserted: "(2) the eligible taxpayer's premium increase amount for such taxable year.

   Inserted: "(b) Eligible Taxpayer.--For purposes of this section, the term 'eligible taxpayer' means an individual who purchases self-only or family health insurance coverage which is a qualified health plan within the meaning of section 36B(c)(3)(A) for all months in the taxable year.

   Inserted: "(c) Health Care Cost Increase Amount.--

   Inserted: "(1) In general.--For purposes of this section, with respect to taxable years beginning in any calendar year after 2009, the health care cost increase amount is the amount, as determined by the Secretary of Health and Human Services, by which the average national premium cost for a plan in the silver level of coverage (within the meaning of section 1302(d)(1)(B) of the Patient Protection and Affordable Care Act) for such calendar year exceeds the average national premium cost for such a plan as of March 23, 2010.

   Inserted: "(2) Publication of determination.--The Secretary of Health and Human Services shall publish the health care cost increase amount determined under paragraph (1) for each calendar year not later than December 31 of such calendar year.

   Inserted: "(d) Premium Increase Amount.--

   Inserted: "(1) In general.--For purposes of this section, with respect to an eligible taxpayer, the premium increase amount is the amount by which the total premiums paid by such taxpayer for months during the taxable year for coverage described in subsection (b) exceed the total premiums paid by such taxpayer for such coverage for the last plan year ending before March 23, 2010, except that such amount--

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   Inserted: "(A) shall be adjusted to reflect any changes in coverage under the taxpayer's plan or in the family size of the taxpayer, and

   Inserted: "(B) shall be reduced by the amount of any credit under section 36B and any Federal cost sharing subsidy with respect to such coverage.

   Inserted: "(2) Regulatory authority.--The Secretary of Health and Human Services shall prescribe regulations for determining the adjustments required under paragraph (1)(A).

   Inserted: "(e) Credit Allowed Against Alternative Minimum Tax.--In the case of a taxable year to which section 26(a)(2) does not apply, the credit allowed under subsection (a) for any taxable year shall not exceed the excess of--

   Inserted: "(1) the sum of the regular tax liability (as defined in section 26(b)) plus the tax imposed by section 55, over

   Inserted: "(2) the sum of the credits allowable under this subpart (other than this section and sections 23, 25D, and 30D) and section 27 for the taxable year.".

   Inserted: (b) Clerical Amendment.--The table of sections for subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 25D the following new item:

   Inserted: "Sec. 25E. Health care cost increase credit.".

   Inserted: (c) Conforming Amendments.--

   Inserted: (1) Section 24(b)(3)(B) of the Internal Revenue Code of 1986 is amended by inserting "25E," after "25D,".

   Inserted: (2) Section 25(e)(1)(C)(ii) of such Code is amended by inserting "25E," after "25D,".

   Inserted: (3) Section 26(a)(1) of such Code is amended by inserting "25E," after "25D,".

   Inserted: (4) Section 25B(g)(2) of such Code is amended by inserting "25E," after "25D,".

   Inserted: (5) Section 904(i) of such Code is amended by inserting "25E," after "25B,".

   Inserted: (6) Section 1400C(d)(2) of such Code is amended by inserting "25E," after "25D,".

   Inserted: (d) Application of EGGTRA Sunset.--The amendment made by subsection (c)(1) shall be subject to title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 in the same manner as the provision of such Act to which such amendment relates.

   Inserted: (e) Effective Date.--The amendments made by subsections (a), (b), and (c) shall apply to taxable years ending after March 23, 2010.

   Original wording

   At the end of subtitle E of title I, insert the following:

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

As printed