TURNER Urges House to Extend Key Tax Credit for Additional Five Years
After a markup yesterday, the House Ways and Means Committee passed the Taxpayer Certainty and Disaster Tax Relief Act of 2019, a bill that would extend the Health Coverage Tax Credit (HCTC) program for an additional year.
“This is incredibly important for Delphi Salaried Retirees and others who depend on this tax credit to afford health care coverage," said Turner. "Although I am pleased the Health Coverage Tax Credit will be extended, we need to continue to make strides towards a long-term reauthorization. Yesterday’s committee passage of this bill unfortunately falls short of providing long-term reassurance to eligible workers. As such, I am urging my colleagues to support my bill, the Health Coverage Tax Credit Reauthorization Act of 2019, to reauthorize this key tax credit for an additional five years. We must provide reassurance to vulnerable workers and families that qualify for this provision.”
The Health Coverage Tax Credit (HCTC) program is set to be terminated at the end of this year. The HCTC is available to eligible workers of any age who have experienced job loss due to work facility closures or foreign trade and have become Trade Adjustment Assistance (TAA) Certified. The spouses and families of these workers are also eligible. In addition, the HCTC is available to retirees age 55-65 who have had their defined pension plans trusteed by the Pension Benefit Guaranty Corporation (PBGC) due to their employer’s bankruptcy or restructure and who are receiving payments.
The Health Coverage Tax Credit Reauthorization Act would allow eligible individuals to remain within the Health Coverage Tax Credit (HCTC) program past the program’s December 31, 2019 termination date, or upon leaving the program. This program has been reauthorized six times since its inception in 2002 benefitting thousands of American workers and their families.
Turner has been a consistent advocate for long term reauthorization of the HCTC, introducing The Health Coverage Tax Credit Reauthorization Act back in March of this year. This healthcare benefit is set to expire at the end of 2019 under Obamacare.