IRS updates premium tax credit table, required contribution percentage

The IRS has updated the applicable percentage table used to calculate an individual’s premium tax credit and required contribution percentage for plan years beginning after 2017. The percentage is used to determine whether an individual is eligible for affordable employer-sponsored minimum essential coverage; the percentage is used to determine whether an individual is eligible for an exemption from the individual shared responsibility payment because of a lack of affordable minimum essential coverage.
For plan years beginning in 2018, the required contribution percentage under Code Sec. 36B is 9.56 percent. For plan years beginning in 2018, the required contribution percentage under Code Sec. 5000A is 8.05 percent.
SOURCE: Rev. Proc. 2017-36, I.R.B. 2017-21, May 22, 2017.
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