The Washington Report
October 24, 2018
IRS Releases Guidance on Premium Tax Credit
On October 18, 2018, the Internal Revenue Service (IRS) released Notice 2018-84, which provides interim guidance clarifying how the suspension of the personal exemption deduction in Section 151(d)(5) of the Tax Cuts and Jobs Act applies to certain rules under Sections 36B and 6011 relating to the premium tax credit, and under Section 5000A relating to the individual shared responsibility provision. The Notice also announces that the Treasury Department and IRS intend to amend the regulations under Sections 36B and 6011 to clarify the application of Section 151(d)(5), and that until further guidance is issued the guidance in the Notice applies. This Notice applies to taxable years beginning in 2018.
IRS Notice 2018-84 is available here.
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