On May 4, the House of Representatives passed the American Health Care Act (AHCA) by a vote of 217 to 213. However, instead of promptly sending the bill to the Senate, the House instead waited for the Congressional Budget Office's (CBO) analysis. The CBO, along with the Joint Committee on Taxation (JCT) issued its report on May 24.
The CBO estimated that enacting the AHCA would reduce federal deficits by $119 billion over the 2017-2026 period. By 2026 an estimated 51 million people under age 65 would be uninsured, compared with 28 million who would lack insurance that year under current law.
Senate GOP leadership state they are getting closer to assembling their version of the bill that will repeal and replace the Affordable Care Act (ACA). It is anticipated that the bill will face an uphill battle in the Senate. The White House is hopeful that the Senate will vote on their version of healthcare reform legislation before their August recess, allowing lawmakers to begin work on a major tax bill after Labor Day.
To answer questions surrounding the bill contact your local UHY LLP professional.
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