Obama signs bill boosting health insurance premium subsidies for some workers
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WASHINGTON—President Barack Obama on Friday signed into law trade legislation that also boosts federal health insurance premium subsidies for employees who lose their jobs due to foreign competition and older retirees in failed pension plans.
The law, retroactive to March 1, increases the tax credit to 72.5%. The tax credit will expire at the end of 2013.
Federal lawmakers originally set the subsidy, as part of a 2002 law, as a 65% federal tax credit. In 2009, an economic stimulus law raised the credit to 80% through Dec. 31, 2010. Last year, Congress approved a temporary extension through Feb. 13. The subsidy reverted to 65% after lawmakers in February could not agree on another extension.
Aside from those who lose their jobs due to foreign competition, the subsidy also is be available to those at least age 55 whose pension plans have been taken over by the Pension Benefit Guaranty Corp.
Federal lawmakers, in a rare instance of bipartisanship cooperation, approved the measure, H.R. 2832, this month.
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Congress gives final approval to trade bill boosting health insurance premium subsidies
WASHINGTON—The House of Representatives has approved and sent to President Barack Obama trade legislation that includes a provision boosting federal health insurance premium subsidies for employees who lose their jobs due to foreign competition and older retirees in failed pension plans.
