Congressman Tim Ryan Votes to Extend TAA and HCTC Assistance for Workers Displaced by Trade
Washington, DC – Congressman Tim Ryan voted today to support Trade Adjustment Assistance (TAA), providing $450 million to train workers who have lost jobs due to free trade agreements. This legislation also included a provision in the bill that extends the Health Coverage Tax Credit (HCTC), through 2019 and provides a refundable tax credit equal to 72.5 percent of the cost of qualified health coverage for those workers who receives a trade adjustment allowance, who are eligible for the alternative trade adjustment assistance program, or who is over age of 55 and receives pension benefits from the Pension Benefit Guaranty Corporation.
“I remain deeply disappointed with the outcome of the Fast Track debate and stand firm in my belief that we should not be passing laws that will result in massive job losses. Unfortunately, after the passage of Fast Track authority, there was no doubt that our workers will need an assistance package moving forward. That is why I voted in favor TAA and HCTC, which together will help mitigate the negative effects of both past and future trade agreements,” said Congressman Ryan. “These programs are critical for workers and retirees who have suffered because of bad trade agreements and pension reductions. While this has been a long and difficult process, I will continue the work to ensure that trade agreements, including the Trans-Pacific Partnership, do not jeopardize the livelihood of American workers.”
The bill ensures training assistance for up to 117 weeks, giving all workers the opportunity to receive long-term training, and provides an additional 13 weeks of training for workers completing a degree or an industry-recognized credential. TAA allows various training options, including opportunities for part-time and pre-layoff training. The Health Coverage Tax Credit (HCTC), is a refundable tax credit equal to 72.5 percent of the cost of qualified health coverage paid by an individual who receives a trade adjustment allowance, who is eligible for the alternative trade adjustment assistance program, or who is over age of 55 and receives pension benefits from the Pension Benefit Guaranty Corporation.