Vote will last 3 days.

Mr. Laverone, of California, Mr. Garwood, Mr. Schmidt, Ms. Wood, Mr. Cid, Mr. Palafox, Mr. Carpenter, Mr. Hatcher, Mr. Conway, Mr. Millam, Mr. Martin, Mr. Thayer, Mr. Wilder, Mr. Heortman, Mr. Cole, Mr. Linde, Mr. Hanscom, Mr. Thayner and Mr. Smith submit to the Appropriations and Finance Committee,

A BILL

To offer a tax credit to small businesses that provide health insurance to their employees.

Be it enacted by the members of Congress assembled and the President of the United States.

SECTION 1. SHORT TITLE

This bill may be referred to as the Healthcare Tax Credit Act of 2004.

SECTION 2. DEFINITIONS

1. SMALL BUSINESS is defined as a private company, independantly owned and operated, that employs less than seven-hundred-fifty (750) workers.

SECTION 3. FINDINGS

The Congress of the United States finds that:

1. The cost of health insurance and, concequently, the number of uninsured Americans has been on the rise since the early 1990s.

2. That this increase in cost has resulted in many businesses discontinuing their employee healthcare plans, forcing employees to purchase health insurance and pay high monthly premiums, or go without insurance altogether.

3. That small businesses are worst affected by the cost of health insurance, as they lack the purchasing and negotiaing power of larger companies to secure cheaper employee health plans.

4. That a federal tax credit for small businesses would help offset the cost of employee health plans and encourage private companies to provide insurance for their employees.

SECTION 4. HEALTH CARE TAX CREDIT

1. Upon approval, the federal government shall offer a tax credit amounting to $1,000.00 per employee for small businesses offering health coverage to their employees.

2. The federal government shall offer tax credits amounting to $500.00 to employees of companies who require workers to cover a portion of the business' health insurance costs.

3. The credits outlined in 1. and 2. above shall only apply to employees who are covered under the company's health insurance plan.

SECTION 5. AUTHORITY TO NEGOTIATE PRICES

Subsection (i) of section 1860D-11, as added by section 101 of the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (Public Law 108-173), is repealed.

SECTION 6. ENACTMENT AND RENEWAL

Upon approval by both houses of Congress assembled and the President of the United States, this bill shall go into effect January 1, 2005. This act shall come before Congress for renewal exactly two (2) years after it's passage into law.

AYE

Aye

Aye

Aye

Aye

aye

Aye.

Passed by a vote of 6-0-0.