Section 1 Short title
This Act may be cited as the “Obamacare Regressive Tax Relief Act”.
Obamacare Regressive Tax Relief Act
A BILL
To amend the Internal Revenue Code of 1986 to flatline the individual mandate penalty.
Sec. 2 Flatlining the individual mandate penalty
Percentage of income— Section 5000A(c)(2)(B)(iii) of the Internal Revenue Code of 1986 is amended by striking “2.5 percent” and inserting “1.0 percent”.
Applicable dollar amount— Section 5000A(c)(3)(A) of such Code is amended by striking “$695” and inserting “$95”.
Repeal of inflation adjustment— Section 5000A(c)(3) of such Code is amended by striking subparagraph (D).
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2015.