On May 18, 2021, the Internal Revenue Service published Notice 2021-31, Premium Assistance for COBRA Benefits. This 41-page document makes clear that in the case of fully-insured health plans, the IRS will treat the employer as the entity providing the premium credit and the employer will be the entity entitled to the tax credit for the premium assistance. The language of the American Rescue Plan Act implied that fully-insured employers would not be entitled to the tax credit and that only insurers and self-insured employers would be entitled to the tax credit. That was the interpretation provided by the author in a previous blog post. Look for a new blog post summarizing the IRS guidance sometime during the week of May 24th.