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1 1 (July 02, 2020)

handle is hein.crs/govdatj0001 and id is 1 raw text is: Researh Sevice CARES Act Income Support and Unemployment Compensation: Effect on Eligibility for Medicaid, CHIP, and ACA Premium Tax Credit July 2, 2020 The Coronavirus Aid, Relief, and Economic SecurityAct (CARES Act; P.L. 116-136) provides direct support to eligible individuals, including income support and unemployment compensation, among other provisions. Receipt of such supportmay have implications for individuals with publicly subsidized health coverage. This Insight provides background about specific CARES Act provisions and discusses the impact, if any, of such benefits on eligibility for Medicaid, the State Children's Health Insurance Program (CHIP), and the premium tax credit established under the Affordable Care Act (ACA; P.L. 111-148, as amended). Selected CARES Act Provisions The CARES Act provides one-time direct payments to certain individuals, referred to as 2020 rccovery rebates (i.e., economic impact payments, stimulus payments). The maximum rebate amount equals $1,200 per eligible individual ($2,400 for married taxpayers filing a joint tax return) and $500 per eligible child. These amounts phase down for higher-income taxpayers. The rebate is provided in the form of a refundable tax credit. Per Section 6409 of the Internal Revenue Code, these payments do not count as income, or as resources for a 12-month period, in determining eligibility for, or the amount or extent of benefits or assistance provided by, any federally funded public benefit program. In addition, these payments are not taxable. The CARES Act also makes a number of changes to unemployment compensation, including a temporary federal unemployment benefit-Federal Pandemic Unemployment Compensation (FPUC). FPUC provides an additional $600 that augments weekly unemployment insurance (UI) benefits. The $600 FPUC benefit is payable through agreements with states forweeks of unemployment ending on July 25, 2020 (July 26, 2020, in New York). Congressional Research Service https://crsreports.congress.gov INI 1448 CRS MNS GHT Preipa redr -c- :embersand Co m .n;fte o Cong rc. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------

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