IRS Issues Final Regs on Health Insurance Premium Tax Credit

IRS Issues Final Regs on Health Insurance Premium Tax Credit

The IRS has issued final regs (T.D. 9611) on the health insurance premium tax credit, providing guidance under section 36B regarding whether health coverage under an employer-sponsored plan is affordable for individuals who are eligible to enroll in the plan by reason of their relationship to an employee.
 
Effective February 1, 2013, the final regs adopt, without change, the corresponding portion of proposed regs (REG-131491-10) issued in August 2011.
 
The Affordable Care Act lets individuals and small businesses buy private health insurance through state-based competitive marketplaces called affordable insurance exchanges. 
Section 36B  was added by the act to allow a refundable premium tax credit to help individuals and families afford health insurance coverage by reducing a taxpayer's out-of-pocket premium cost.

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