Massachusetts Health Insurance and your Tax Return
This entry was posted on 1/16/2007 5:29 AM and is filed under Tax News.
New Massachusetts Healthcare mandate on Personal Income Taxes
Ask yourself:
- Do I
have Health Insurance?
- Where
do I have it?
On April 12, 2006, Massachusetts’s Governor signed into law
landmark legislation that provides healthcare coverage to almost all state
residents. Using a combination of individual responsibility through a
healthcare mandate for taxpayers to purchase health insurance with business
obligations (see our small business section for business requirements.) and in
some cases government subsidies. Some of the rules take affect on July 1, 2007
for individuals and October 1, 2006 or January 1, 2007 for businesses.
For most taxpayers who live in Massachusetts you must
have health insurance by July 1, 2007 or you will loose your personal income
tax exemption on your 2007 Massachusetts personal Tax Return if you are 18
years or older! You will also be forced into paying penalties on your 2008
personal Tax Return if you do not have a health plan by the first of the year!
