Plain English Breakdown
The bill status is 'Withdrawn and Recommitted,' meaning legislative action has paused. It may be reintroduced or die in committee.
Tax Credit for Employers Offering Individual Health Reimbursement Arrangements
This bill proposes creating an income tax credit in Georgia for certain employers that offer individual coverage health reimbursement arrangements to their employees.
What This Bill Does
- Creates a new income tax credit for specific employers offering individual coverage health reimbursement arrangements (ICHRA) to workers.
- Sets terms, conditions, and limitations on the use of this tax credit.
- Requires an approval process before employers can claim the benefit.
- Establishes aggregate annual limits on the total amount available for these credits.
- Directs state agencies to create rules and regulations to manage the program.
- Provides definitions for key terms used in the law.
Who It Names or Affects
- Employers in Georgia who offer individual coverage health reimbursement arrangements to their staff.
- State tax officials responsible for reviewing applications and managing the credit limits.
Terms To Know
- Individual Coverage Health Reimbursement Arrangement (ICHRA)
- A type of health benefit arrangement offered by employers to employees, as referenced in this bill's title.
- Tax Credit
- An amount that reduces the total income tax an employer owes to the state government.
Limits and Unknowns
- The exact dollar amounts for individual credits and aggregate annual limits are not specified in this summary.
- The specific steps employers must take to get preapproval are described as rules but not detailed here.
- This bill was withdrawn from the calendar and recommitted to a committee, so it has not yet become law.