IRS Flouts GOP Objections To Premium Tax Credit Rule

Law360, New York (May 23, 2012, 5:48 PM EDT) -- In its final rule on premium tax credits published Wednesday, the Internal Revenue Service flouted Republican warnings that the agency would be overstepping its constitutional bounds by making the credits available for both state and federal insurance exchanges.

Under the final rule, taxpayers can receive a credit to help purchase health insurance on an exchange, regardless of whether the exchange was created by a state or the federal government.

Several Republican lawmakers, including Sen. Orrin Hatch of Utah, ranking member of the Senate Finance Committee, balked...
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