Dependent Income Exclusion Act of 2021
Latest action · Mar 11, 2021 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 11, 2021
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Dependent Income Exclusion Act of 2021
This bill excludes the wages and net earnings from self-employment of a dependent of a taxpayer from the calculation of total household income for purposes of determining eligibility for and the amount of the refundable premium tax credit, subject to limitations.
Under current law, eligible taxpayers may be able to claim the premium tax credit, which applies toward the cost of obtaining health insurance through health insurance exchanges. To be eligible for the credit, a taxpayer’s household income must meet or exceed 100% of the federal poverty level (FPL). For tax years before 2021 and after 2022, taxpayers must have a household income that meets or exceeds 100% but is less than 400% of the FPL to be eligible for the tax credit.
Further, under current law, the calculation of the premium tax credit is based, in part, on taxpayers’ household income such that taxpayers with lower household incomes are eligible for a higher premium tax credit.
The bill excludes from household income the wages and net earnings from self-employment of a dependent of the taxpayer who (1) is under 18 years old; or (2) is under 24 years old and is, during any five calendar months of the year, a full- or part-time student in an educational organization (excluding for-profit educational institutions), is in an apprentice program, or is participating in a job training program.
The amount that may be excluded is limited to 15% of the taxpayer’s modified adjusted gross income.
Cosponsors 1
Members who signed on, in the order they did. All signed on Mar 11, 2021.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-WI | Gwen Moore | Original | Mar 11, 2021 |
Actions 2
Everything that happened, newest first.
- Mar 11, 2021Introduced in House
- Mar 11, 2021Referred to the House Committee on Ways and Means.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 148 | Dependent Income Exclusion Act of 2021 | Identical bill | Feb 2, 2021 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Mar 11, 2021Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.