As well as the trade provisions that were the bill’s focus, the Trade Preferences Extension Act of 2015 (H.R. 1295), signed into law in June of 2015, contains provisions regarding tax law. The Act revises several Tax Code provisions, and extends a number of trade agreements as well as programs like trade adjustment assistance (TAA) and the Health Coverage Tax Credit (HCTC). TAA consists of programs that provide federal job training and assistance to workers, firms, farmers and communities that have been adversely impacted by foreign trade.
What Are 2016 Form 1095-B and Form 1095-C?
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Form 1095-B
Form 1095-B is a health insurance tax form which reports a taxpayer’s type of coverage, dependents covered by the insurance policy, and the period of coverage for the immediately prior year. This form is used to verify on a tax return that taxpayers and their dependents have at least minimum qualifying health insurance coverage. Those who have health insurance that meets the standards of the law may receive Form 1095-B directly from their health care insurer and from employers who have less than 50 full-time employees (small businesses).