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H.R. 562: Obamacare Regressive Tax Relief Act

The text of the bill below is as of Jan 13, 2017 (Introduced).

Source: GPO

I

115th CONGRESS

1st Session

H. R. 562

IN THE HOUSE OF REPRESENTATIVES

January 13, 2017

introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to flatline the individual mandate penalty.

1.

Short title

This Act may be cited as the Obamacare Regressive Tax Relief Act.

2.

Flatlining the individual mandate penalty

(a)

Percentage of income

Section 5000A(c)(2)(B) of the Internal Revenue Code of 1986 is amended to read as follows:

(B)

Percentage of income

An amount equal to 1 percent of the excess of the taxpayer’s household income for the taxable year over the amount of gross income specified in section 6012(a)(1) with respect to the taxpayer for the taxable year.

.

(b)

Applicable dollar amount

Section 5000A(c)(3) of such Code is amended—

(1)

by striking subparagraphs (B) and (D),

(2)

by redesignating subparagraph (C) as subparagraph (B), and

(3)

by amending subparagraph (A) to read as follows:

(A)

In general

Except as provided in subparagraph (B), the applicable dollar amount is $95.

.

(c)

Effective date

The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.