On Feb. 4, the U.S. House of Representatives passed the America COMPETES Act, which earmarks billions of dollars to domestic semiconductor research and manufacturing. But it also includes an important provision related to the health coverage tax credit (HCTC). Up until Dec. 31, 2021, eligible taxpayers could claim the credit against income tax equal to 72.5% of individual and family medical insurance costs. The proposed law makes the credit permanent and increases its value to 80%. Note that the bill isn’t expected to pass the Senate in its current form. Legislators first must reconcile it with the Senate’s U.S. Innovation and Competition Act of 2021, which was passed in June 2021. Contact Cg with questions. © 2022
09
Feb