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Premium Tax Credit

A refundable tax credit available to eligible individuals and families who purchase health insurance through the Affordable Care Act (ACA) marketplaces, designed to help them afford their monthly health insurance premiums.

Enhanced Premium Tax Credit

Temporary increases in the financial assistance available through the Premium Tax Credit, making more people eligible for larger subsidies to lower their health insurance costs, including those with higher incomes who previously might not have qualified.

Internal Revenue Code of 1986

The official compilation of all federal tax laws in the United States, administered by the Internal Revenue Service (IRS).

Household Income Exceeds 400 Percent of Poverty Line

Refers to a financial threshold. Before recent enhancements, individuals and families with incomes above 400% of the federal poverty level were generally not eligible for premium tax credits. The enhancements removed this strict cap, allowing higher-income individuals to qualify if their premiums are still too high relative to their income.

Taxable years

The accounting period for which taxes are calculated, typically a calendar year (January 1 to December 31) for most individual taxpayers.