S. 1005

Health Coverage Tax Credit Extension Act of 2015

This bill extends the tax credit for health insurance costs of a taxpayer and qualifying family members through 2019. The tax credit for health insurance costs is a refundable tax credit equal to 72.5% of the cost of qualified health coverage paid by an eligible individual [defined as an individual who is receiving a trade adjustment allowance, is eligible for the alternative trade adjustment assistance program, or is over age 55 and receives pension benefits from the Pension Benefit Guaranty Corporation (PBGC)].

The bill requires a taxpayer to make an election to have the tax credit apply for any eligible coverage month during a taxable year. An eligible coverage month is a month in which an eligible individual is covered by qualified health insurance, does not have other specified coverage, and is not imprisoned.

The bill also directs the Departments of the Treasury, Health and Human Services, and Labor and the PBGC to conduct a public outreach, including on the Internet, to inform individuals eligible for the tax credit for health insurance costs on the extension of such credit and the availability of the election to claim such credit retroactively for coverage months beginning after December 31, 2013.