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Definition of the Term “Coverage Month” for Computing the Premium Tax Credit

tax-irs · IRS · Rule · Published 2024-12-18 · Effective 2024-12-18 · 89 FR 102721

Document

Document number
2024-29651
Federal Register citation
89 FR 102721
CFR reference
26 CFR 1
Type
Rule
Action
Final regulations.
Category
tax-irs
Sub-agency
IRS
Publication date
2024-12-18
Effective date
2024-12-18
Treasury docket
TD 10019

Abstract

This document contains final regulations that amend the definition of "coverage month" and amend certain other rules in existing income tax regulations regarding the computation of an individual taxpayer's premium tax credit. The coverage month amendment generally provides that, in computing a premium tax credit, a month may be a coverage month for an individual if the amount of the premium paid, including by advance payments of the premium tax credit, for the month for the individual's coverage is sufficient to avoid termination of the individual's coverage for that month. The final regulations also amend the existing regulations relating to the amount of enrollment premiums used in computing the taxpayer's monthly premium tax credit if a portion of the monthly enrollment premium for a coverage month is unpaid. Finally, the final regulations clarify when an individual is considered to be not eligible for coverage under a State's Basic Health Program. The final regulations affect taxpayers who enroll themselves, or enroll a family member, in individual health insurance coverage through a Health Insurance Exchange and may be allowed a premium tax credit for the coverage.

Source

Authoritative
Federal Register document
Machine
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