H.R. 4521 - America Creating Opportunities for Manufacturing, Pre-Eminence in Technology, and Economic Strength (COMPETES) Act of 2022

JANUARY 25, 2022

RULES COMMITTEE PRINT 117-31

TEXT OF H.R. 4521, THE AMERICA COMPETES ACT OF 2022

[Showing the text of H.R. 4521, as ordered reported by the Committee
on Science, Space, and Technology, with modifications.]

SECTION 1. SHORT TITLE.

This Act may be cited as the "America Creating Opportunities for Manufacturing, Pre-Eminence in Technology, and Economic Strength Act of 2022" or the "America COMPETES Act of 2022".

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Subtitle F. — Health Care Tax Credit

SEC. 101601. PERMANENT CREDIT FOR HEALTH INSURANCE COSTS.

(a) IN GENERAL. — Subparagraph (B) of section 35(b)(1) of the Internal Revenue Code of 1986 is amended by striking ", and before January 1, 2022" and inserting a period.

(b) INCREASE IN CREDIT PERCENTAGE. — Subsection (a) of section 35 of the Internal Revenue Code of 1986 is amended by striking "72.5 percent" and inserting "80 percent".

(c) CONFORMING AMENDMENTS. — Subsections (b) and (e)(1) of section 7527 of the Internal Revenue Code of 1986 are each amended by striking "72.5 percent" and inserting "80 percent".

(d) EFFECTIVE DATE. — The amendments made by this section shall apply to coverage months beginning after December 31, 2021.

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