House Passes Bill Affecting Advance Premium Tax Credit

June 15, 2017 Tom Hospod

Earlier this week, the House of Representatives passed the Verify First Act – which would serve as an amendment to the premium tax credit under the Affordable Care Act (ACA) and to the premium assistance credit under the proposed American Health Care Act (AHCA). The bill provides that an individual is not entitled to advance payments unless HHS verifies with the Social Security Administration or Homeland Security that the individual is a U.S. citizen or lawful alien. Only once the citizenship status is confirmed with the Treasury will an individual be eligible for such tax credits. This bill will be voted upon independently of the AHCA, and it would take effect regardless of whether the AHCA is signed into law.

The post House Passes Bill Affecting Advance Premium Tax Credit appeared first on Sovos.

About the Author

Tom Hospod

Tom Hospod is a member of the Tax Research Team for the Direct Tax division at Sovos Compliance, where his main areas of focus are Tax Withholding and Automatic Exchange of Information (AEOI). Prior to Sovos, Tom worked as a legislative aide in the Massachusetts House of Representatives. He also has experience in securities law—focusing on broker-dealer disputes and representing clients in FINRA arbitration. Tom is a member of the Massachusetts Bar, earned his B.A. from Boston College and his J.D. from the University of Miami.

More Content by Tom Hospod
Previous Article
European Commission Negotiates VAT Agreement with Norway

After nearly two years of negotiations, representatives from the European Commission and Norway initialed a...

Next Article
Turks and Caicos Publishes List of Reportable Jurisdictions for 2017

The Ministry of Finance, Trade, and Investment in Turks & Caicos recently published a list of Reportable Ju...


Regulatory Analysis News - Delivered Weekly

Thank you for subscribing!
Error - something went wrong!