Key ACA Taxes Repealed
On December 20, 2019, President Trump signed into law a spending bill that prevents a government shutdown and repeals the following three taxes under the ACA:
- The Cadillac tax on high-cost group health coverage, beginning in 2020;
- The medical devices excise tax, beginning in 2020; and
- The health insurance providers fee, beginning in 2021.
The law also extends PCORI fees to fiscal years 2020-2029.
Employers should be aware of the evolving applicability of existing ACA taxes and fees so that they know how the ACA affects their bottom lines. Towne Benefits will continue to keep you informed of changes.
You can learn more about this compliance update here!
Filed Under: Benefits Briefs