Note to the left: This is why you don’t rush through legislation that hasn’t been read.

Government-created exchanges are places for individuals to shop and purchase health insurance. ObamaCare will require individuals and families to buy insurance, starting in 2014.

Those with incomes at 100% to 400% of the federal poverty level will be eligible for taxpayer funded subsidies — a tax credit to help pay for the premium.

It turns out that the legislation isn’t so clear, the latest example of what analysts predicted would be a stream of surprises from the mammoth health law.

Section 1311 of ObamaCare instructs state governments to set up an exchange. If a state refuses, Section 1321 lets the federal government establish an exchange in the state.

Yet ObamaCare states that the tax credit is available to people who are enrolled in an “an exchange established by the state under (Section) 1311.” It makes no mention of people enrolled in federal exchanges being eligible for the tax credit.

“There is this technical problem in the law,” said James Blumstein, a professor at Vanderbilt Law School. “I don’t see how you get around that.”

This could be a big problem, as some states probably won’t set up and run exchanges.

They never took the time to extend tax credits to exchanges established by the feds. So states could just decide not to establish the exchanges and they wouldn’t have to offer tax credits.

The International Revenue Service (IRS) is now attempting to change this through agency rule — despite the fact the actual law is clear. I smell new lawsuits and left-wing panic.