Congress should give homeowners insurers a bailout of up to $1 trillion in tax credits for policies that cover more than 2 million people who have homeowners insurance coverage, according to a report from the Congressional Budget Office.
“There’s not a whole lot of policy out there that does that,” said Sen. Tom Coburn, R-Okla., who sponsored the bill.
“But there is something there.”
In 2018, there were 1.7 million people with homeowners insurance policies that covered more than 50 percent of their household income, according the CBO.
The CBO said the total amount of tax credits that Congress could provide was $3.3 trillion.
The Senate plan, which would provide tax credits based on income for homeowners in the individual and small business insurance markets, would provide $2.9 trillion.
Sen. Jeff Flake, R, Ariz., chairman of the Budget Committee, said the House version of the bill does not address the issue.
“The House bill does contain a few things,” Flake said.
“They’ve done a lot to address some of the shortcomings in the Senate bill.”
House Ways and Means Chairman Kevin Brady, R.-Texas, said there are no changes to the bill in the House or Senate.
The GOP plans to release a revised version of their legislation later this week.
House Republicans are moving to end their fight to repeal and replace the Affordable Care Act, which took effect in 2010.
The House passed its bill earlier this month but the Senate is expected to vote on a draft version of its bill next week.
Democrats, who control the House, are not expected to allow the bill to pass this week, as they wanted.
But they have not given up hope.
“If there is a way to move this bill, I’m happy to work with Democrats,” Brady said.