IRS Issues Final Regulations on Health Insurance Premium Tax Credit
On May 18, the Internal Revenue Service (IRS) issued final regulations on the health insurance premium tax credit. The final regulations provide guidance under the Affordable Care Act, which lets individuals and small businesses buy private health insurance through state-based competitive marketplaces called affordable insurance exchanges. The final regulations outline who is eligible for the credit and provide definitions for various terms used in the Affordable Care Act. The final regulations also explain the standards for determining the affordability of employer-sponsored coverage, while also providing an employee-affordability safe harbor.
Comments are due by August 21, 2012.