WASHINGTON, D.C. – Today, Representatives Mike Turner (OH-10), Jared Golden (ME-02), Claudia Tenney (NY-24), and Dan Kildee (MI-08) introduced the Health Coverage Tax Credit (HCTC) Reauthorization Act of 2023, which would reauthorize the tax credit through 2027. The HCTC provides refundable tax credits to cover more than 70 percent of the cost of health insurance premiums for certain retirees whose pensions have been taken over by the Pension Benefit Guaranty Corporation.
“The Health Coverage Tax Credit helps retirees afford their health care, especially as they age. This tax credit is important for the Delphi Salaried Retirees, whose pensions and other benefits were slashed through no fault of their own,” said Rep. Mike Turner. “During this time of record inflation, it is critical that we ensure retirees are able to access affordable health care. Providing a long-term reauthorization of the Health Coverage Tax Credit would give over tens of thousands of salaried retirees peace of mind.”
“For many years, millworkers in Madawaska and other retired Mainers have relied on the Health Coverage Tax Credit to keep their health insurance affordable. Having to push for the reauthorization of this credit each year does nothing but create uncertainty for these retirees and others across the country and needlessly increase their cost of healthcare,” said Rep. Jared Golden. “I’m proud to join my colleagues on both sides of the aisle to introduce this bipartisan legislation that would provide stability and peace of mind for Maine retirees through a multi-year extension of the HCTC.”
“When the Health Coverage Tax Credit expired at the end of 2021, it left numerous individuals, including many Delphi Salaried Retirees in New York’s 24th District, without access to affordable health insurance plans,” said Rep. Claudia Tenney. “Congress should pass a clean extension of this program through 2028 to restore this important tax credit. I am honored to have worked alongside Representatives Turner, Kildee, and Golden in our fight to make the HCTC permanent.”
“Every Michigander deserves access to quality, affordable health care. That includes Delphi Salaried Retirees who lost their retirement benefits through no fault of their own and hardworking Michiganders who lost their jobs because of bad trade deals,” said Rep. Dan Kildee. “I’m proud to introduce bipartisan legislation, with Republicans and Democrats, to extend this important program and lower health care costs for thousands of Michiganders.”
“I would like to thank Congressman Mike Turner for his continued advocacy for the Delphi Salaried Retirees,” said Tom Rose, Delphi Salaried Retirees Association Board member. “The HCTC is critical in bridging the gap to affordable healthcare for retirees.”
After securing one-year authorizations in 2020 and 2021, the Health Coverage Tax Credit expired at the start of 2022.
Reps. Turner and Golden’s HCTC Reauthorization bill passed the House in 2022 as part of the America COMPETES Act but was stripped from the bill during Senate negotiations. Thus, the tax credit remains expired.