Page:United States Statutes at Large Volume 124.djvu/239

 124 STAT. 213 PUBLIC LAW 111–148—MAR. 23, 2010 in the standards and requirements the Secretary prescribes under section 1321. (c) SCOPE.—A health plan or a health insurance issuer is described in this subsection if such health plan or health insurance issuer provides coverage in the individual or small group market within the State. This subsection shall not apply to a grandfathered health plan or the issuer of a grandfathered health plan with respect to that plan. Subtitle E—Affordable Coverage Choices for All Americans PART I—PREMIUM TAX CREDITS AND COST- SHARING REDUCTIONS Subpart A—Premium Tax Credits and Cost- sharing Reductions SEC. 1401. REFUNDABLE TAX CREDIT PROVIDING PREMIUM ASSIST- ANCE FOR COVERAGE UNDER A QUALIFIED HEALTH PLAN. (a) IN GENERAL.—Subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to refund- able credits) is amended by inserting after section 36A the following new section: ‘‘SEC. 36B. REFUNDABLE CREDIT FOR COVERAGE UNDER A QUALIFIED HEALTH PLAN. ‘‘(a) IN GENERAL.—In the case of an applicable taxpayer, there shall be allowed as a credit against the tax imposed by this subtitle for any taxable year an amount equal to the premium assistance credit amount of the taxpayer for the taxable year. ‘‘(b) PREMIUM ASSISTANCE CREDIT AMOUNT.—For purposes of this section— ‘‘(1) IN GENERAL.—The term ‘premium assistance credit amount’ means, with respect to any taxable year, the sum of the premium assistance amounts determined under para- graph (2) with respect to all coverage months of the taxpayer occurring during the taxable year. ‘‘(2) PREMIUM ASSISTANCE AMOUNT.—The premium assist- ance amount determined under this subsection with respect to any coverage month is the amount equal to the lesser of— ‘‘(A) the monthly premiums for such month for 1 or more qualified health plans offered in the individual market within a State which cover the taxpayer, the taxpayer’s spouse, or any dependent (as defined in section 152) of the taxpayer and which were enrolled in through an Exchange established by the State under 1311 of the Patient Protection and Affordable Care Act, or ‘‘(B) the excess (if any) of— ‘‘(i) the adjusted monthly premium for such month for the applicable second lowest cost silver plan with respect to the taxpayer, over Definition. 26 USC 36.