OMNIBUS TRADE ACT EXTENSION OF ARRA EXPIRED
March 23, 2011
Congress had passed the Omnibus Trade Act, which provided a short term extension of the American Recovery and Reinvestment Act (ARRA) provisions until February 13, 2011. The provisions made changes to the Health Coverage Tax Credit (HCTC) that encompassed several tax credit percentage impacts, and most significantly lowered the tax credit for qualified individuals from 80% to 65%. As of March 1, 2011, the IRS also will no longer process new reimbursement requests but will continue to process reimbursement requests received by February 28, 2011 for payments made in January and February 2011.