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Health premium tax pits small business against low-income Iowans


Iowa small business leaders are urging Congress to further suspend a health insurance premium tax that would otherwise cost many families an average $412 in higher premiums in 2020. The premium tax credits program is a federal sales tax on health insurance plans purchased by small business owners, the self-employed, and workers who receive their health care coverage through an employer. As a provision of the Affordable Care Act of 2010, the tax funds credits to reduce taxes for low-income families to help them afford health insurance. Iowa small business owners say that without immediate action by Congress to delay the tax for 2020, they and seniors on Medicare will be hit with higher health insurance premiums as they renew their coverage next year. Bipartisan bills known as the “Healthcare Insurance Tax Relief Act of 2019” that would delay implementation of the HIT tax for 2020 and 2021 have been introduced in both chambers of Congress. For more information about the Stop the HIT Coalition, click here.

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