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May 4, 2017
2017-9006

House passes health care bill

The House today (May 4, 2017) approved the American Health Care Act (AHCA), which would repeal much of the Affordable Care Act (ACA); repeal of many tax provisions would be effective in 2017. The vote was 217-213. The Senate is expected to consider the legislation, although changes are expected.

The AHCA includes nearly $1 trillion in tax cuts over 10 years. Many ACA tax provisions would be repealed effective beginning in 2017, including the 3.8% net investment income tax, the medical device excise tax, and the tax on prescription medications, and the health insurance tax. Implementation of the Cadillac tax would be delayed until 2026. Repeal of the .9% Medicare surcharge tax on individuals earning over $200,000 annually would be effective beginning in 2023.

A Tax Alert is forthcoming.

 

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