Ranking Small Business Committee member introduces CHOICE Act

Today House Small Business Committee Ranking Member Sam Graves announced the introduction of the "CHOICE Act." "As Ranking Member of the Small Business Committee, I have seen firsthand the need for this bill. The bill tackles two of the most significant challenges facing small employers—the high cost of providing comprehensive health insurance and the volatility of insurance premiums," said Graves (R-MO).

The Small Business Cooperative for Healthcare Options to Improve Coverage for Employees (Small Business CHOICE) Act, introduced by both Chairwoman Nydia Velzquez and Ranking Member Graves, would allow small businesses to form health insurance cooperatives which would function similar to risk pools and provide insurance against high-cost or catastrophic claims. Additionally, the bill offers a key incentive in the form of a refundable tax credit of 65 percent to small businesses that choose to join a cooperative. The bill also will allow entrepreneurs to negotiate better rates for coverage for their employees and themselves. Self-employed individuals could save up to $5,000 per year on health coverage costs. Other small firms could save more than 34 percent.

"The effects of this bill will mean fewer Americans are without health care coverage and small businesses can worry about one less factor when making hiring decisions," said Graves. "This is a crucial step to help many of our small businesses get back on their feet and provide jobs and health care for Americans."