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A new report by Families USA estimates that $830 million in tax credits will be coming to 236,400 middle income CT residents to help pay for health coverage. The credits are structured on a sliding scale, targeted toward those who need assistance the most. The majority of people who will benefit have incomes just over twice the poverty level (currently $44,100/year for a family of four). 92% of people eligible for the credit are in working families. About half the likely beneficiaries will have been previously uninsured; they only receive the credit if they enroll in coverage. The other 57% will go to help pay skyrocketing health insurance bills for currently insured low income families. The credits are refundable (taxpayers don’t have to have large tax bills to get the full credit), and available as consumers pay their premiums; they will not have to wait until they file taxes to get the relief.
Ellen Andrews