COBRA Plus Act of 2001

Hozzl · 2023-01-16T08:33:31Z

Explore the details of Senate Bill 1502 COBRA Plus Act of 2001 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/16/2023, 8:33 AM

Congressional Summary of S 1502

COBRA Plus Act of 2001 - Amends the Internal Revenue Code to temporarily allow a refundable tax credit of 50 percent for an eligible individual's health insurance premium under COBRA, subject to specified limitations.

Reduces the medical expense deduction accordingly.

Requires former employers receiving COBRA payments to make a return as specified.

Sets forth criminal penalties for fraud relating to such credit.

Directs the Secretary of the Treasury to make COBRA payments in the amount of the allowable credit for eligible individuals with a qualified health insurance credit eligibility certificate.

Requires the Comptroller General to study and report on whether this credit increased COBRA enrollment.

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Current Status of Bill S 1502

Bill S 1502 is currently in the status of Bill Introduced since October 4, 2001. Bill S 1502 was introduced during Congress 107 and was introduced to the Senate on October 4, 2001. Bill S 1502's most recent activity was Read twice and referred to the Committee on Finance. as of October 4, 2001

Bipartisan Support of Bill S 1502

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 1502

Primary Policy Focus

Taxation

Potential Impact Areas

CommerceCongressCongressional investigationsCongressional reporting requirementsCost of living adjustmentsCrime and Law EnforcementEconomics and Public FinanceEmployee health benefitsFinance and Financial SectorFraudHealthHealth insuranceHealth insurance continuationHealth insurance industryIncome taxIndexing (Economic policy)Insurance premiumsLabor and EmploymentMedical economicsPersonal income taxTax creditsTax penaltiesTax returns

Alternate Title(s) of Bill S 1502

COBRA Plus Act of 2001A bill to amend the internal Revenue Code of 1986 to allow a refundable tax credit for health insurance costs for COBRA continuation coverage, and for other purposes.COBRA Plus Act of 2001

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