[The Affordable Care Act] requires the creation of an "Exchange" in each State — basically, a marketplace that allows people to compare and purchase insurance plans. The Act gives each State the opportunity to establish its own Exchange, but provides that the Federal Government will establish "such Exchange" if the State does not. Relatedly, the Act provides that tax credits "shall be allowed" for any "applicable taxpayer," but only if the taxpayer has enrolled in an insurance plan through "an Exchange established by the State under [42 U. S. C. §18031]." An IRS regulation interprets that language as making tax credits available on "an Exchange," "regardless of whether the Exchange is established and operated by a State . . . or by HHS."
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