FROM THE OFFICE OF PUBLIC AFFAIRS May 12, 2004 Oklahoma Makes Federal Health Coverage Tax Credit Available Today, Treasury Secretary John Snow applauded Governor Henry for signing legislation that allows "I would like to thank the Republicans and Democrats in the legislature who voted for this legislation and Governor Henry for signing it," stated Treasury Secretary John Snow. "I would also like to thank Insurance Commissioner Carroll Fisher, Employment Security Commissioner Jon Brock and other interested parties in The Trade Adjustment Assistance Act President Bush signed into law in 2002 included the new Health Coverage Tax Credit (HCTC). Recipients can receive the HCTC either in advance, to help pay qualified health plan premiums as they come due, or in a lump sum when they file their federal tax returns. The HCTC advance payments program began nationally in August 2003. This program provides an advanced payment of 65% of the premium cost for a qualified health plan for individuals who are eligible to receive Trade Adjustment Assistance (TAA) benefits or certain individuals who receive pension benefit payments from the Pension Benefit Guaranty Corporation (PBGC). In order to receive the credit, eligible individuals must enroll in qualified health insurance, such as a COBRA health plan or State Qualified Health Plan (SQHP). Thirty-four states and the For more information on a particular state and the health insurance programs that qualify, please visit the HCTC website at www.irs.gov and enter IRS Keyword: HCTC. -30- |
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