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Code · BILL · 114th Congress · S. 568 (Introduced in Senate) — To extend the trade adjustment assistance program, and for other purposes. · Sec. 401

Sec. 401. Extension and modification of Health Coverage Tax Credit

350 words·~2 min read·/bill/114/s/568/is/section-401·

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Subparagraph
(B)of section 35(b)(1) of the Internal Revenue Code of 1986 is amended by striking before January 1, 2014 and inserting before January 1, 2021 . Subsection
(a)of section 35 of the Internal Revenue Code of 1986 is amended by striking 72.5 percent and inserting 80 percent . Subsection
(a)of section 35 of the Internal Revenue Code of 1986 is amended by striking In the case of an individual, and inserting In the case of an individual who elects the application of this section for the taxable year, . Subsection
(g)of section 35 of such Code is amended by redesignating paragraph
(11)as paragraph
(12)and by inserting after paragraph
(10)the following: In the case of a taxpayer who elects the application of this section for any taxable year, no credit shall be allowed under section 36B with respect to such taxpayer for such taxable year. Any election for this section to apply for a taxable year, once made, shall be irrevocable. . Section 7527 of such Code is amended by adding at the end the following new subsection: No payment shall be made under this section on behalf of any individual with respect to whom any advance payment is made under section 1412 of the Patient Protection and Affordable Care Act for the taxable year. . The Secretary of the Treasury shall issue such procedures and guidance as may be necessary or appropriate to coordinate, and facilitate taxpayer choices between, advance payments under section 7527 of the Internal Revenue Code of 1986 and section 1412 of the Patient Protection and Affordable Care Act. Paragraph
(1)of section 35(e) of such Code is amended by adding at the end the following new subparagraph: Coverage under a qualified health plan which was enrolled in through an Exchange established under title I of the Patient Protection and Affordable Care Act. . The amendments made by this section shall apply to coverage months beginning after December 31, 2013. The amendment made by subsection (c)(3) shall apply to certificates issued after the date of the enactment of this Act.
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