(Archived Content)
FROM THE OFFICE OF PUBLIC AFFAIRS
js-589Today, Treasury Secretary John Snow applauded Governor Taft for launching Ohios efforts under the federal Health Coverage Tax Credit Program (HCTC) that will help cover the cost of health insurance premiums for many Ohio residents.
I am pleased that Governor Taft, Insurance Director Womer Benjamin, and interested parties in the state of Ohio have worked so hard to make the Health Coverage Tax Credit program available to up to 12,000 workers and their families,stated Treasury Secretary John Snow.
I commend them for their leadership in this unique partnership between state and federal governments, labor and participating health plans. This program is a real innovation in tax policy, one that we hope will lead the way for other innovations that help real people obtain the health care coverage that they need in a flexible and reliable way.
We want to ensure that those who qualify for the credit get the help they need as quickly as possible. I know many of my fellow Buckeyes have worked in important industries, such as steel, that helped build this country, to make it as strong as it is. The Health Coverage Tax Credit is one way we can give back to them. Its a bold step in the direction of affordable health care for all Americans.
The HCTC advance payments program begins nationally in August 2003. The Trade Adjustment Assistance Act President Bush signed into law last year included the new Health Coverage Tax Credit (HCTC). 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).
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.
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