Jan 31, 2013 Alert – Health Insurance Premium Tax Credit Proposed, Final Regulations

January 31, 2013

Health Insurance Premium Tax Credit Proposed, Final Regulations

Source: U.S. Treasury Department; Internal Revenue Service

On January 30, 2013 the Internal Revenue Service issued proposed and final regulations (REG-148500-12) along with questions and answers relating to the health insurance premium tax credit and requirement to maintain minimum essential coverage enacted by the Affordable Care Act.

The final rules give guidance to individuals related to employees who may enroll in eligible employersponsored coverage and who wish to enroll in qualified health plans through Affordable Insurance Exchanges and claim the premium tax credit. T.D. 9611 applies to taxable years ending after Dec. 31, 2013.

The proposed rules provide guidance on the liability for the shared responsibility payment for not maintaining minimum essential coverage.

The proposed regulations break down liability for dependents and review government-sponsored programs, employer-sponsor plans, retiree coverage, and other health benefits coverage.

A public hearing on the proposed rules is set for May 29. Comments must be received by May 2.

Text of the proposed rules REG-148500-12 is at http://www.ofr.gov/OFRUpload/OFRData/2013-02141_PI.pdf.

In addition, the Treasury and Health and Human Services Departments issued a Fact Sheet on Proposed Affordable Care Act Regulations. You may read the Fact Sheet at: http://www.treasury.gov/connect/blog/Pages/Fact-Sheet-on-Proposed-Affordable-Care-Act-Regulations.aspx

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