New regulations to the Premium Tax Credit seek to eliminate fraudulent claims.
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) proposed new regulations to help implement the president’s Working Families Tax Cuts reforms to the Premium Tax Credit. This credit, which helps eligible taxpayers afford health insurance purchased through Health Insurance Exchanges, would strengthen eligibility standards, protect taxpayer benefits, and close current verification gaps. Federal officials intend the new regulations to eliminate the risk of fraud, while protecting benefits for eligible Americans.
“Hardworking American taxpayers should not be forced to subsidize health care for people who are ineligible under federal law,“ Treasury Secretary Scott Bessent stated. “[These] proposed rules implement the common-sense reforms enacted by the Working Families Tax Cuts to close eligibility loopholes and ensure taxpayer-funded Premium Tax Credits are reserved for eligible Americans.”
IRS Chief Executive Officer Frank Bisignano stated, “The proposed rules protect eligible taxpayers while strengthening the integrity of the Premium Tax Credit. The enhanced verification measures are designed to curb improper claims, ensuring these vital tax benefits go strictly to the hardworking Americans who qualify for them.”
As the Lord Leads, Pray with Us…
- For Secretary Bessent as he leads the Treasury Department’s efforts to protect the benefits due to eligible Americans.
- For IRS Chief Executive Officer Bisignano as he works to eliminate fraudulent payouts.
Sources: Department of the Treasury
