Inflation Reduction Act Boosts Obamacare Tax Credit

Enhancements to the premium tax credit are extended for three more years under the Inflation Reduction Act.

picture of a stethoscope on one-hundred dollar bills
(Image credit: Getty Images)

The Inflation Reduction Act is designed to address climate change and lower healthcare costs. The new law reduces healthcare costs by extending enhancements to the premium tax credit that were put in place for 2021 and 2022. Now, more people qualify for the premium tax credit for three more years, but many of them will also get a larger credit during that time.

Premium Tax Credit Eligibility Expanded

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Rocky Mengle

Rocky Mengle was a Senior Tax Editor for Kiplinger from October 2018 to January 2023 with more than 20 years of experience covering federal and state tax developments. Before coming to Kiplinger, Rocky worked for Wolters Kluwer Tax & Accounting, and Kleinrock Publishing, where he provided breaking news and guidance for CPAs, tax attorneys, and other tax professionals. He has also been quoted as an expert by USA Today, Forbes, U.S. News & World Report, Reuters, Accounting Today, and other media outlets. Rocky holds a law degree from the University of Connecticut and a B.A. in History from Salisbury University.