Archive by tag: HCTCReturn
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Health Coverage Tax Credit (HCTC) Extended

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The Health Coverage Tax Credit (HCTC) has been extended for all 2020 coverage months. Participants may need to take action to receive the HCTC for 2020 coverage.
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Categories: Benefits in General, Compliance | Tags: Health Coverage Tax Credit , HCTC , 2020 , Form 8885 , HCTC Advance Monthly Program
IRS Notice 2017-16 provides that an HCTC election for a month in 2016 may be made at any time before the expiration of the 3-year statute of limitation under § 6511 for such year, including on an amended income tax return.
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Categories: Benefits in General, Compliance | Tags: HCTC , IRS , Trade Act of 2015 , Tax Credit

Health Care Tax Credit (HCTC) Program Restored

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Last week, President Obama signed the Trade Preferences Extension Act of 2015 that restored the Trade Adjustment Assistance (TAA) and Alternative Trade Adjustment Assistance (ATAA) programs, including the HCTC program, aimed at assisting employees that lose jobs due to foreign competition.
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: HCTC , Subsidy
Last Friday, the Senate approved a trade bill, H. R. 1314, which would revive the Health Coverage Tax Credit (HCTC) to subsidize COBRA premiums for individuals that lose their jobs due to foreign competition and for retirees at least age 55 who worked for companies whose pension plans have been taken over by the Pension Benefit Guarantee Corporation (PBGC).
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Categories: Compliance, Health Care in General | Tags: subsidy , HCTC