IRS Updates Health Coverage Tax Credit Information
In case you missed it, on June 29, President Obama signed legislation to extend the Health Coverage Tax Credit (HCTC) through the end of 2019.
The IRS is currently reviewing this legislation and is working with its partners - including PBGC - to implement the HCTC program. Individuals cannot yet claim the HCTC credit since the program is not yet implemented. In the meantime, the IRS issued guidance for those who may be eligible for the credit.
The HCTC is a federal tax credit that pays a significant portion of qualified health insurance premiums for eligible individuals. This includes people who are 55-65 years of age and receive benefits from PBGC.