"We've been working on this now for more than a year," Upton said in the interview.
The case for permanent repeal also got a boost this year from the Congressional Budget Office, which cut more than $100 billion off of its cost estimate for permanent repeal.
Still, the cost remains at roughy $140 billion over the next 10 years. Finding a way to pay for a new formula has been the sticking point in congressional negotiations.
Upton did not say how his committee's bill would be paid for.