Data / Federal rules / 2024-20758
Definition of the Term “Coverage Month” for Computing the Premium Tax Credit
The Internal Revenue Service published this proposed rule in the Federal Register on September 17, 2024. Comments closed on November 1, 2024.
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What the agency says
This document contains proposed regulations that would 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 (PTC). The proposed coverage month amendment generally would provide that, in computing a PTC, a month may be a coverage month for an individual if the amount of the premium paid, including by advance payments of the PTC (APTC), for the month for the individual's coverage is sufficient to avoid termination of the individual's coverage for that month. The proposal also would amend the existing regulations relating to the amount of enrollment premiums used in computing the taxpayer's monthly PTC if a portion of the monthly enrollment premium for a coverage month is unpaid. Finally, the proposed regulations would clarify when an individual is considered to be ineligible for coverage under a State's Basic Health Program (BHP). The proposed regulations would affect taxpayers who enroll themselves, or enroll a family member, in individual health insurance coverage through a Health Insurance Exchange (Exchange) and may be allowed a PTC for the coverage. This document also provides a notice of a public hearing on these proposed regulations.
Key facts
- Document number
- 2024-20758
- Type
- Proposed rule
- Action
- Notice of proposed rulemaking and public hearing
- Agency
- Treasury Department; Internal Revenue Service
- Published
- September 17, 2024
- Comments due
- November 1, 2024
- Dates
- Electronic or written comments must be received by November 1, 2024. A public hearing on this proposed regulation has been scheduled for December 13, 2024, at 10:00 a.m. ET. Requests to speak and outlines of topics to be discussed at the public hearing must be received by November 1, 2024. If no outlines are received by November 1, 2024, the public hearing will be cancelled.
- Docket
- REG-116787-23
- Regulation ID (RIN)
- 1545-BR31
- Code of Federal Regulations
- 26 CFR 1
- Topics
- Income taxes; Reporting and recordkeeping requirements
- Pages
- 7
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Everything from the Internal Revenue Service · Rules on income taxes · Rules on reporting and recordkeeping requirements · Published in September 2024
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