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COBRA Plus Act of 2001
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.
Read the Full Bill
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
1Democrat Sponsors
0Republican Sponsors
0Unaffiliated Sponsors
1Total Number of Cosponsors
7Democrat Cosponsors
4Republican Cosponsors
3Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 1502
Primary Policy Focus
TaxationPotential Impact Areas
- Commerce
- Congress
- Congressional investigations
- Congressional reporting requirements
- Cost of living adjustments
- Crime and Law Enforcement
- Economics and Public Finance
- Employee health benefits
- Finance and Financial Sector
- Fraud
- Health
- Health insurance
- Health insurance continuation
- Health insurance industry
- Income tax
- Indexing (Economic policy)
- Insurance premiums
- Labor and Employment
- Medical economics
- Personal income tax
- Tax credits
- Tax penalties
- Tax returns
Alternate Title(s) of Bill S 1502
COBRA Plus Act of 2001
A 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
Comments
Sponsors and Cosponsors of S 1502
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