Statement of Mark Ciaramitaro, Vice President, Tax and Health Care Services
H&R Block Responds to Supreme Court Ruling on ACA Advance Premium Tax Credits
KANSAS CITY, MO - (Marketwired) - June 25, 2015 - (NYSE: HRB) - "The Supreme Court decision today on a provision of the Affordable Care Act (ACA) affirms the ability for consumers who enrolled for health coverage via the Federal Marketplace to receive advance premium tax credits to help pay for their monthly insurance premiums.
For 2015, Health and Human Services estimated 6.3 million of the 7.4 million consumers enrolled in health insurance via the Federal Marketplace received an advance premium tax credit (APTC).
This decision indicates there will be no change going forward for the consumers, as well as health care and tax preparation industries with regard to the availability and impacts of premium tax credits. Thus, the residents of 34 states who used the Federal Marketplace and received an APTC via the Federal Marketplace will retain the assistance.
H&R Block has invested significant resources in understanding and implementing the tax provisions of the Affordable Care Act. We are poised to assist the more than 10 million consumers who enrolled in coverage this year in both the Federal and State Marketplaces as they will need to reconcile their tax credits on their tax returns next year. In addition, those who do not have health insurance will need to claim an exemption or pay a shared responsibility payment via the tax return. Penalties for not having coverage in the coming tax year increase to $325 per adult or 2 percent of household income, whichever is greater."
About H&R Block
H&R Block, Inc. (NYSE: HRB) is the world's largest consumer tax services provider. More than 680 million tax returns have been prepared worldwide by and through H&R Block since 1955. In fiscal 2015, H&R Block had annual revenues of nearly $3.1 billion with 24.2 million tax returns prepared worldwide. Tax return preparation services are provided by professional tax preparers in approximately 12,000 company-owned and franchise retail tax offices worldwide, and through H&R Block tax software products. H&R Block Bank provides affordable banking products and services. For more information, visit the H&R Block Newsroom at http://newsroom.hrblock.com/.
SOURCE H & R Block