Today, the IRS released Notice 2016-02, which provides guidance regarding the health coverage tax credit (HCTC). The HCTC under section 35 provides a credit for 72.5% of the amount paid by an eligible individual for qualified health coverage of the individual and qualifying family members for eligible coverage months.  Although the credit expired at the end of 2013, it was reinstated, modified, and extended both retroactively and prospectively through 2019 by the Trade Preferences Extension Act of 2015.  Today’s notice provides information on who may claim the HCTC, the amount of the HCTC, and the procedures to claim the HCTC for tax years 2014 and 2015.  The notice also provides rules concerning the interaction between the HCTC and the premium tax credit under section 36B, as enacted by the Affordable Care Act.