Georgia proposes $7 billion tax credit fund to address ACA subsidy cuts

Georgia has made a proposal of state tax credits that could help some Georgians who lost pandemic-era tax credits due to federal cuts to the Affordable Care Act.

The proposal would create a new tax credit fund of more than $7 billion a year for Georgia Access, the state’s marketplace for Affordable Care Act insurance plans, according to WABE.

Georgia is among the first states to attempt to make up for the loss in federal tax credits, and the approach would impact more than 90% of Georgia with Georgia Access coverage, according to an analysis by Georgians for a Healthy Future.

Officials with the state Department of Insurance and Safety Fire said in a statement that after a decline in ACA marketplace enrollment, the proposal could stabilize the market. State insurance officials also said the goal of the proposal is to address healthcare costs, increase transparency and support Georgia’s existing program.

“Things are already unaffordable. People cannot keep up with how quickly prices are increasing. And this would just be another mechanism that holds them back from being able to keep up increasing prices,” said Whitney Griggs, Director of Health Policy at Georgians for a Healthy Future.