What is the Health Coverage Tax Credit?
The Trade and Globalization Adjustment Assistance Act of 2009 changed the Health Coverage Tax Credit (HCTC) for eligible trade affected workers under all certified petitions beginning May 2009. The TAA program provides two options for an eligible individual to receive the benefit. The Act changed the tax credit to 80% of the amount paid by an individual for qualified health insurance coverage. Eligible individuals may request the 80% credit for qualified premiums be paid on their behalf on a monthly basis as they are due to their insurance providers. The participant must pay the 20% premium difference if they choose the advance option. The Internal Revenue Service (IRS) is responsible for administering the HCTC program. Individuals receiving a benefit from the Pension Benefit Guaranty Corporation are also eligible to receive HCTC. Additional information regarding HCTC is available by calling the HCTC Program Customer Contact Center’s toll free phone number 1-866-628-HCTC. Information i
The Trade Adjustment Assistance (TAA) Reform Act of 2002 created a tax credit for the purchase of private health insurance for TAA and Pension Benefit Guaranty Corporation candidates. The Department of Treasury, through the Internal Revenue Service, is responsible for implementing this credit under the Health Coverage Tax Credit (HCTC) program. For detailed information on HCTC, and a list of state-qualified health plans, visit the Internal Revenue Service web site.
