On Dec. 20, 2019, President Trump signed into law a spending bill that prevents a government shutdown and repeals the following three taxes and fees under the Affordable Care Act (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 they know how the ACA affects their bottom lines. We will continue to keep you informed of changes.
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