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1 1 (October 8, 2024)

handle is hein.crs/goveqxi0001 and id is 1 raw text is: 2023 Premium Tax Credit Tool: An Interactive Tool for Congressional Users October 8, 2024 This Insight accompanies the 2023 Premium Tax Credit Tool, a Microsoft Excel file that congressional users can download from CRS.gov. The tool was designed to assist Congress in evaluating policy considerations in advance of the expiration of certain premium tax credit (PTC) provisions at the end of 2025. It can be used to demonstrate how changes to certain statutory parameters of the PTC would affect credit amounts for households with varying income, family status, and geographic characteristics. The Premium Tax Credit Certain households without access to subsidized health insurance coverage may be eligible for the PTC if they enroll in coverage purchased in the health insurance exchanges. The PTC was originally established under the Patient Protection and Affordable Care Act (ACA; P.L. 111-148, as amended) and amended under the American Rescue Plan Act of 2021 (ARPA, P.L. 117-2) and the enacted budget reconciliation measure (P.L. 117-169) commonly referred to as the Inflation Reduction Act. Several amendments are temporary. The credit amount for a household generally is calculated as the difference between the Second-Lowest- Cost Silver Plan (SLCSP) premium and the Required Premium Contribution as per the following formula: Premium Tax Credit Amount = SLCSP Premium - Required Premium Contribution SCLSP premium refers to the premium for the second-lowest-cost silver plan in the household's local geographic area for its family status. Required Premium Contribution refers to the amount that a premium credit-eligible household may pay toward the plan premium. The Required Premium Contribution is calculated by taking a percentage of the household's income. The applicable percentage is specified in statute and varies according to household income relative to the federal poverty level (FPL), using poverty guidelines updated by the Department of Health and Human Services (HHS) for the previous year. Thus, for example, the 2022 HHS poverty guidelines are used for determining the 2023 PTC. To be eligible to receive the PTC in 2023, households must have had annual income at or above 100% of FPL. Eligible households with annual incomes between 100% and 149% of FPL were required to pay 0% Congressional Research Service https://crsreports.congress.gov IN12437 CRS INSIGHT Prepared for Members and Committees of Congress

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