Industry leaders praised Congress for passing an omnibus bill Dec. 18 that delays the Affordable Care Act's so-called "Cadillac tax" and also passes the Policyholder Protection Act. The legislation, which is part of a larger bill that funds the federal government, was approved on both sides of the aisle in both the House (316-113 vote) and Senate (65-33).
Tax has been delayed until 2020
"The Big 'I' has been greatly concerned about the impact of the ACA's 40% excise tax since the day the ACA was signed into law," says Robert Rusbuldt, president of the Independent Insurance Agents & Brokers of America (IIABA or Big 'I') and CEO, in a statement. "We believe the two-year delay of the tax is an important first step, and independent agents around the country can rest assured that the Big 'I' will continue to fight to fully repeal the tax. We look forward to working with Congress in a bipartisan manner to ensure this tax never sees the light of day. Now that both the Senate and the House have passed this important legislation, we urge the President to promptly sign it into law."
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