IRS guidance on Health Care Tax Credit

IRS Notice 2005-50, issued back on July 5th., provides guidance on miscellaneous issues that have arisen with respect to the Health Care Tax Credit which was created back in 2002 under the Trade Act of that year. It is Section 35 of the Internal Revenue Code which provides a “65% tax credit for amounts for amounts certain individuals spend on certain kinds of health coverage for themselves & certain family members.”