In the Headlines
March 7, 2017
The Tax Implications Of The GOP Health Plan
Accounting Today
House Republicans introduced President Trump's American Health Care Act, which could replace President Obama's Affordable Care Act (ACA). Attorney Nicole Elliott, a former IRS senior advisor for the ACA, weighed in on one of the major points of the House bill.
"The biggest thing is that it makes some changes to the current premium tax credit. It modifies the credit for several years, and then in 2020 it repeals the premium tax credit and replaces it with a new credit," explained Ms. Elliott. "Under the bill an individual will now be able to get the premium tax credit in 2018 and 2019 for non-exchange coverage, which is significant."