California AB2363 modifies the Individual Shared Responsibility Penalty exemption criteria for certain income levels.

California AB2363 amends Section 61020 of the Revenue and Taxation Code to adjust the Individual Shared Responsibility Penalty exemption criteria. The bill exempts responsible individuals from the penalty if their required contribution for coverage exceeds 8.3 percent of their applicable household income. It also exempts those with incomes below specified thresholds and those enrolled in Medi-Cal in 2024 or 2025. The bill further adjusts the percentage used to calculate the penalty based on premium growth rates.

California AB2363 modifies the Individual Shared Responsibility Penalty exemption criteria for certain income levels.

California AB2363 amends Section 61020 of the Revenue and Taxation Code to adjust the Individual Shared Responsibility Penalty exemption criteria. The bill exempts responsible individuals from the penalty if their required contribution for coverage exceeds 8.3 percent of their applicable household income. It also exempts those with incomes below specified thresholds and those enrolled in Medi-Cal in 2024 or 2025. The bill further adjusts the percentage used to calculate the penalty based on premium growth rates.