Portman, Brown Introduce Extension of Health Coverage Tax Credit

WASHINGTON, Aug. 2 -- Sen. Rob Portman, R-Ohio, issued the following news release:

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- Health Coverage Tax Credit is Critically Important for Thousands of Hardworking Delphi Retirees in Ohio

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Yesterday, U.S. Senators Rob Portman (R-OH) and Sherrod Brown (D-OH) introduced legislation that will extend for five years the Health Coverage Tax Credit (HCTC) for retirees who lost their health care coverage -- in addition to their pensions and other benefits -- when their employers either entered into bankruptcy or laid off workers due to foreign trade. The HCTC is critically important for many hardworking Ohioans, including as many as 5,000 Delphi salaried retirees in Dayton, the Mahoning Valley, and Sandusky. In addition, a few hundred workers from the Lordstown General Motors plant have applied for Trade Adjustment Assistance (TAA) and would benefit from the HCTC as well.

"Thousands of retirees in Ohio and their families depend on the Health Coverage Tax Credit, and I'm pleased to introduce this bipartisan legislation to ensure that this credit will again be available for them," Portman said. "Since I came to the Senate, I've fought for multiple extensions of the HCTC, including my bill that was included in the Trade Preferences Extension Act of 2015 the last time the credit was extended. These hardworking Ohioans rely on the HCTC for affordable health insurance after their pensions were terminated or after they were adversely affected by foreign trade, and I urge my colleagues to join me in supporting this legislation to ensure the stability of health coverage for these individuals and their families."

"The Health Coverage Tax Credit is a lifeline for thousands of Ohioans, many of whom are living on fixed incomes after losing their pensions and healthcare. This critical legislation will help ensure these retirees and workers get the relief they need in order to afford healthcare," said Brown.

NOTE: The HCTC, which is set to expire on January 1, 2020, helps to reduce the cost of maintaining health insurance coverage for a number of individuals that are either receiving TAA benefits or are between the ages of 55-64 years old whose pensions were terminated and are being administered by the Pension Benefit Guaranty Corporation. Portman and Brown worked together to extend this tax credit in 2011 and again in 2015.