The Washington Report
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March 15, 2023
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While we do our best to provide timely updates, it is possible that the information shared in the newsletter may change after our publication deadline.
Executive
President Biden Releases FY 2024 Budget
On March 9, 2023, President Biden released his fiscal year (FY) 2024 budget request outlining his proposal for the fiscal year beginning October 1, 2024. The President's budget requests $6.9 trillion in federal spending and projects a $1.8 trillion deficit. Passage of the President’s complete budget is unlikely, as proposals are typically intended as a framework for discussion. The FY 2024 budget includes a number of provisions and priorities in the upcoming year and offers insight regarding potential future legislative and/or regulatory actions.
The President’s FY 2024 Budget is available here.
(The website also provides links to a number of Fact Sheets and information on economic assumptions.)
The Remarks by President Biden on his Budget for Fiscal Year 2024 website is available here.
The Department of Health and Human Services’ press release on the FY 2024 budget is available here.
Health
IRS Releases Revenue Procedure on Adjusted Applicable Dollar Amounts Under Section 4980H; Calculation of 2024 ESRP
On March 10, 2023, the Internal Revenue Service (IRS) released Revenue Procedure 2023-17, which provides indexing adjustments for the applicable dollar amounts under Section 4980H(c)(1) and (b)(1) of the Internal Revenue Code. These indexed amounts are used to calculate the employer shared responsibility payments (ESRP) under Section 4980H(a) and (b)(1), respectively. Under Section 4980H(c)(5), in the case of any calendar year after 2014, the applicable dollar amounts of $2,000 and $3,000 under Section 4980H(c)(1) and (b)(1), respectively, are increased by an amount equal to the product of such dollar amount and the premium adjustment percentage (as defined in Section 1302(c)(4) of the Affordable Care Act) for the calendar year. The Department of Health and Human Services published the premium adjustment percentage for 2024 on December 12, 2022, using the most recent National Health Expenditure Accounts income and premium data that was available at the time of publication. Using the required formula, for calendar year 2024, the adjusted $2,000 amount under Section 4980H(c)(1) is $2,970, and the adjusted $3,000 amount under Section 4980H(b)(1) is $4,460. This Revenue Procedure is effective for taxable years and plan years beginning after December 31, 2023.
IRS Revenue Procedure 2023-17 is available here.
DOL Launches Online Dialogues to Gather Public Ideas, Other Input on Health Policies' Support for Workers' Mental Health
On March 10, 2023, the Department of Labor (DOL) announced the launch of a series of online dialogues to gather ideas and other public input on how health policies can support workers’ mental health. The crowdsourcing will focus on four areas of concern for people with mental health conditions, including benefits policies that meet their needs, access to workplace care and supports, the reduction of related social stigmas, disparities faced by people in underserved communities, shortages of behavioral health professionals, and the establishment of state resource systems.
The DOL news release is available here.
The Mental Health Matters: A Series of National Online Dialogues on Workforce Mental Health Policies website is available here.