Tuesday, December 22, 2015

Guidance regarding the health coverage tax credit

Notice 2016-02 provides guidance regarding the health coverage tax credit (HCTC) under section 35 of the Internal Revenue Code, as modified by the Trade Preferences Extension Act of 2015, Pub. L. 114-27 (June 29, 2015).  This notice provides information on who may claim the HCTC, the amount of the HCTC, and the procedures to claim the HCTC for tax years 2014 and 2015.  This notice also provides guidance for taxpayers eligible to claim the HCTC who enrolled in a qualified health plan offered through a Health Insurance Marketplace in tax years 2014 or 2015, and who claimed or are eligible to claim the premium tax credit under section 36B.
Notice 2016-02 will be in IRB 2016-02, dated January 11, 2016.