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Health Coverage Tax Credit (HCTC)
(Tax Law)
Created by the Trade Act of 2002 and administered by the Internal Revenue Service (IRS), the HCTC is an important benefit that pays 65% of a qualified health plan premium for eligible individuals. The HCTC is a unique tax credit that individuals can receive either in advance, as monthly health plan premiums become due, or on their federal tax return. The HCTC is not a government health insurance program; it is a federal tax credit. However, you may be eligible to claim the credit even if you do not owe any federal income tax.
Source : Internal Revenue Service - United States Department of Treasury
Language : English