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Tax credit could help laid-off workers locally

Tax credit could help laid-off workers locally

Posted: Monday, January 18, 2010 9:05 pm
By: AP

 NASHVILLE — The Internal Revenue Service estimates that 19,600 Tennesseans qualify for the Health Coverage Tax Credit, but only 770 were enrolled as of last year. This credit makes health coverage more affordable by allowing eligible individuals to pay only 20 percent of their health insurance premiums each month. The IRS is sponsoring public outreach events to assist taxpayers who may be eligible for the HCTC including one from 9 a.m.-3 p.m. Tuesday in Jackson at the Doubletree Hotel at 1770 Highway 45 Bypass. Nationwide, thousands of people are potentially eligible for the program. Some of them are displaced workers who are certified by the Department of Labor as eligible to receive Trade Readjustment Allowances under the Trade Adjustment Assistance Act. Others qualify because they receive benefits from the Pension Benefit Guaranty Corporation and are between 55 and 65 years of age. According to Dan Boone, IRS media specialist for Alabama and Tennessee, more than 40 companies in Tennessee have been trade certified within the last six months. These trade certifications have affected about 4,300 workers. The most recent certification closest to the HCTC event in Jackson is Goodyear Tire & Rubber Company in Union City, which was trade certified by the Department of Labor in July 2009. Boone said 663 workers are protected by the TAA certification. The HCTC Program partners with various federal and state agencies and Health Plan Administrators to deliver the tax credit to eligible individuals. The HCTC is available on a monthly basis to help individuals pay their health insurance costs as they become due or on a yearly basis when they file their federal tax return. The HCTC is a refundable tax credit — paid in full no matter how much federal income tax an eligible individual owes. The HCTC began as a ground breaking tax credit program in 2002 and in 2009 was expanded as a result of the American Recovery and Reinvestment Act. For more information, call 1-866-628-HCTC or visit http://www.irs.gov/individuals/article/0,,id=109915,00.html. Published in The Messenger 1.18.10

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