Letter to Congressman Neal & Brady - Golden Leads Renewed Push to Preserve Health Coverage Tax Credit for Maine Retirees

Letter

Dear Chairman Neal and Ranking Member Brady:

As the committee considers tax extenders legislation in the final months of 2020, we write to highlight the importance of the Health Coverage Tax Credit (HCTC) (26 U.S.C. 35) to our constituents and urge that it be extended for five years as outlined in H.R.1939. Our districts are home to working people who are facing threats to their families' financial stability through no fault of their own and who need continued access to affordable health care through this credit. The addition of pandemic-related economic uncertainty, along with continued trade pressures and pension instability, mean that this is no time to let the HCTC lapse.

The HCTC is targeted to people who have lost their jobs due to outsourcing and to those whose pensions have been taken over by the Pension Benefit Guaranty Corporation as a result of their employer's financial instability. In these cases, our constituents face financial risks that threaten their ability to afford health insurance for themselves and their families. In many cases, people using the HCTC are near the Medicare eligibility age, when health insurance age rating means they face particularly expensive premiums in the years before they qualify for Medicare. This makes the HCTC particularly important for our constituents in these situations to be able to continue to protect their health and that of their families.

For these reasons we urge the Committee to extend the HCTC for at least five additional years. Thank you for your consideration.

Sincerely,