Supreme court

 
The U.S. Supreme Court on Thursday declared the mandate in Sec. 5000A, requiring U.S. citizens and legal residents to maintain minimum essential health coverage, to be a permissible exercise of Congress’s taxing powers under the Constitution.

So what does this mean for you?

• Individual mandate to take effect starting 2014
• All tax provisions upheld
• Penalty on states for refusing expanded medicaid unconstitutional
• Premium assistance tax credit to help offset cost of coverage
• Limits on health FSAs and other arrangements continue
• Small employer health insurance tax credit preserved
• Codified economic substance doctrine sustained 

Those are the highlights, but there are plenty of other details involved in the new legislation.