Compliance July 12, 2005

Senators Unveil Health Coverage Legislation

July 12, 2005 (PLANSPONSOR.com) - Two members of the US Senate Finance Committee have introduced proposals to change tax provisions relating to health benefit coverage.
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>S 1360, sponsored by Senators Gordon Smith (R-Oregon), James Jeffords (I-Vermont), Ron Wyden (D-Oregon), and Charles Schumer (D-New York), would amend the US tax code to read that the term “dependents” includes any individual who is an eligible beneficiary as defined in the accident or health insurance arrangement, providing coverage for domestic partners.

>The other measure, S 1365, introduced by Senator John Rockefeller (D-West Virginia), would expand the percentage amount of the Trade Adjustment Assistance health credit from 65% to 95%.

>It also provides a full credit in the case of the taxpayer’s first eligible coverage months occurring prior to the issuance of a qualified health insurance costs credit eligibility certificate, and make multiemployer pension participants eligible for the credit, according to news reports.

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