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Small Business Health Care Tax Credit. Do you qualify?
The small business health care tax credit was included in the Affordable Care Act enacted last year and is designed to encourage small businesses to offer health insurance coverage to their employees for the first time or maintain coverage they already provide.
Small businesses that pay at least 50 percent of the premiums for employee health insurance coverage under a qualifying arrangement may be eligible for this tax credit. The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ 25 or fewer full-time equivalent employees with average incomes of $50,000 or less. For 2010 through 2013, the credit may offset up to 35 percent of premiums paid by eligible small business employers and 25 percent of premiums paid by eligible employers that are tax-exempt organizations.
At Palma Financial Services we are here to answer any of your questions regarding group healthcare coverage. Call today for a free consultation, 925-307-5454. We specialize in small businesses and corporations in the East Bay and Alameda County.