When the health care reform bill is fully implemented in 2014 nearly a million Michigan residents will be eligible for tax breaks to help them pay for their health insurance premiums. The Detroit Free Press reports:
More than 860,000 people in Michigan are expected to qualify for tax breaks under new federal health care legislation — although not until 2014.
Kathleen D. Stoll, director of health policy at Families USA, a national nonprofit, said Thursday in a conference call that the new tax credit, intended to cut the net cost of health insurance, would amount to an estimated $3.3 billion for qualifying Michigan residents.
Unlike most tax credits, this one will be advanceable, which means that you can get the refund whenever you purchase health insurance rather than having to wait until you file your taxes the next year.