The IRS has been in the news quite a bit lately, and here they are again with their proposed rules to “guide the allocation of federal tax credits” as they relate to the Patient Protection and Affordable Care Act (PPACA).
As written in RegWatch, The Hill’s Regulatory blog, under the proposed regulations, “individuals could receive tax credits if they are not eligible for ‘affordable coverage’ via an employer-sponsored plan that covers for at least 60 percent of costs… The IRS and Department of Health and Human Services have developed a ‘minimum value calculator’ that employers could use to determine whether their plans meet previously proposed essential health benefits. Individuals could also use the calculator to determine if they are eligible for the tax credit. As currently drafted, the credits would apply to taxpayers whose household income is between 100 percent and 400 percent of the federal poverty line, calibrated to the size of the individual’s family. Interested parties and the public will have 60 days to comment on the proposed rules. The IRS will weigh all comments before finalizing the rules, which are set to take effect for the 2014 tax year.”
Would you like to comment on these proposed regulations?