The IRS today released an advance version of Notice 2017-16 concerning the health coverage tax credit under section 35.
Notice 2017-16 [PDF 19 KB] provides a health coverage tax credit election for a month in 2016 may be made at any time before the expiration of the three-year statute of limitation (including on an amended income tax return). This extension of time is provided because, prior to its expiration, the health coverage tax credit did not require an election, and the IRS and Treasury have been concerned that eligible taxpayers may not be aware of the requirement to affirmatively elect the HCTC for coverage provided in 2016.
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