Extension of HCTC Passes a Key Hurdle

Senator Portman seeks support from the Senate Finance Committee for extension of HCTC.
WASHINGTON April 3, 2014 —
An amendment to help Delphi salaried retirees who saw their pensions cut during the 2008-2009 auto bailout passed a key hurdle in the Senate Thursday after Ohio’s two senators successfully tucked the measure inSto a tax bill that now moves to the Senate floor.
Senator. Sherrod Brown (D-OH) and Senator Rob Portman (R-OH), successfully fought to extend the Health Coverage Tax Credit – a tax credit for retirees who lost their health care coverage when their companies entered into bankruptcy.  Both senators are members of the Senate Finance committee, which sent the bill and amendment to the full Senate.
The tax credit, which expired January 1, 2014, was used heavily by the Delphi salaried retirees who saw their pensions cut in the aftermath of the federal government’s $50 billion bailout of GM. Delphi. ~~  The tax credit makes health insurance more affordable by providing a 72.5 percent tax credit to eligible workers, allowing these workers to pay only a portion of their qualified health insurance.