26 U.S.C. § 36A — Untitled legal text

Page 161 TITLE 26—INTERNAL REVENUE CODE § 36B 1 So in original. Probably should be preceded by ‘‘section’’. [amending this section] shall apply to residences pur- chased after June 30, 2010.’’ EFFECTIVE DATE OF 2009 AMENDMENT Pub. L. 111–92, § 11(j)(1)–(3), Nov. 6, 2009, 123 Stat. 2991, provided that: ‘‘(1) IN GENERAL.—The amendments made by sub- sections (b), (c), (d), and (g) [amending this section] shall apply to residences purchased after the date of the enactment of this Act [Nov. 6, 2009]. ‘‘(2) EXTENSIONS.—The amendments made by sub- sections (a) [amending this section], (f) [amending this section], and (i) [amending section 1400C of this title] shall apply to residences purchased after November 30, 2009. ‘‘(3) WAIVER OF RECAPTURE.—The amendment made by subsection (e) [amending this section] shall apply to dispositions and cessations after December 31, 2008.’’ Pub. L. 111–92, § 12(e), Nov. 6, 2009, 123 Stat. 2992, pro- vided that: ‘‘(1) IN GENERAL.—Except as otherwise provided in this subsection, the amendments made by this section [amending this section and section 6213 of this title] shall apply to purchases after the date of the enact- ment of this Act [Nov. 6, 2009]. ‘‘(2) DOCUMENTATION REQUIREMENT.—The amendments made by subsection (b) [amending this section] shall apply to returns for taxable years ending after the date of the enactment of this Act [Nov. 6, 2009]. ‘‘(3) TREATMENT AS MATHEMATICAL AND CLERICAL ER- RORS.—The amendments made by subsection (d) [amending section 6213 of this title] shall apply to re- turns for taxable years ending on or after April 9, 2008.’’ Pub. L. 111–5, div. B, title I, § 1006(f), Feb. 17, 2009, 123 Stat. 317, provided that: ‘‘The amendments made by this section [amending this section and section 1400C of this title] shall apply to residences purchased after De- cember 31, 2008.’’ EFFECTIVE DATE Section applicable to residences purchased on or after Apr. 9, 2008, in taxable years ending on or after such date, see section 3011(c) of Pub. L. 110–289, set out as an Effective Date of 2008 Amendment note under section 26 of this title. [§ 36A. Repealed. Pub. L. 113–295, div. A, title II, § 221(a)(5)(A), Dec. 19, 2014, 128 Stat. 4037] Section, added Pub. L. 111–5, div. B, title I, § 1001(a), Feb. 17, 2009, 123 Stat. 309, related to making work pay credit. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal effective Dec. 19, 2014, subject to a savings provision, see section 221(b) of Pub. L. 113–295, set out as an Effective Date of 2014 Amendment note under sec- tion 1 of this title. TREATMENT OF POSSESSIONS Pub. L. 111–5, div. B, title I, § 1001(b), Feb. 17, 2009, 123 Stat. 310, with respect to taxable years beginning in 2009 and 2010, required the Secretary of the Treasury to pay each possession of the United States with a mirror code tax system amounts equal to the loss to that pos- session by reason of the making work pay credit and to pay certain possessions without a mirror code tax sys- tem amounts estimated as being equal to aggregate benefits that would have been provided to its residents, and provided that, for purposes of section 1324(b)(2) of Title 31, Money and Finance, such payments to posses- sions would be treated in the same manner as a refund due from the credit formerly allowed under this sec- tion. § 36B. Refundable credit for coverage under a qualified health plan (a) In general In the case of an applicable taxpayer, there shall be allowed as a credit against the tax im- posed by this subtitle for any taxable year an amount equal to the premium assistance credit amount of the taxpayer for the taxable year. (b) Premium assistance credit amount For purposes of this section— (1) In general The term ‘‘premium assistance credit amount’’ means, with respect to any taxable year, the sum of the premium assistance amounts determined under paragraph (2) with respect to all coverage months of the taxpayer occurring during the taxable year. (2) Premium assistance amount The premium assistance amount determined under this subsection with respect to any cov- erage month is the amount equal to the lesser of— (A) the monthly premiums for such month for 1 or more qualified health plans offered in the individual market within a State which cover the taxpayer, the taxpayer’s spouse, or any dependent (as defined in sec- tion 152) of the taxpayer and which were en- rolled in through an Exchange established by the State under 1311 1 of the Patient Pro- tection and Affordable Care Act, or (B) the excess (if any) of— (i) the adjusted monthly premium for such month for the applicable second low- est cost silver plan with respect to the tax- payer, over (ii) an amount equal to 1/12 of the prod- uct of the applicable percentage and the taxpayer’s household income for the tax- able year. (3) Other terms and rules relating to premium assistance amounts For purposes of paragraph (2)— (A) Applicable percentage (i) In general Except as provided in clause (ii), the ap- plicable percentage for any taxable year shall be the percentage such that the ap- plicable percentage for any taxpayer whose household income is within an in- come tier specified in the following table shall increase, on a sliding scale in a linear manner, from the initial premium percent- age to the final premium percentage speci- fied in such table for such income tier: In the case of house- hold income (ex- pressed as a percent of poverty line) with- in the following in- come tier: The initial premium per- centage is— The final pre- mium per- centage is— Up to 133% 2.0% 2.0% 133% up to 150% 3.0% 4.0% 150% up to 200% 4.0% 6.3% 200% up to 250% 6.3% 8.05%