Yesterday, the House of Representatives passed the American Health Care Act (AHCA) in a narrow vote of 217 to 213 after the bill had been amended from its previous version proposed a few weeks earlier. The AHCA is new proposed legislation that will repeal and replace parts of the Affordable Care Act (ACA) which is currently the law of the land. While this is only the first step of the new legislation, here are a few of the highlights contained in this new bill.
What is repealed:
What is replaced:
The AHCA now moves to the Senate where most likely there will be some changes and negotiations with the House before a bill is finalized and sent to the President for signature. Until that time, the current Affordable Care Act is still law, and employers and individuals alike must adhere to the rules and regulations currently in effect.
The passage of the AHCA could have a large impact on the tax reform as well. It has been reported that potential savings from the AHCA would help fund a more robust tax reform package.
To answer questions surrounding the current ACA rules or discuss long-term tax strategies for the proposed legislation, contact your local UHY LLP professional.