Washington D.C. New guidance from the Internal Revenue Service (IRS) is very good news for the small businesses in the 29th District of Texas which may qualify for significant tax credits under health insurance reform. The Affordable Care Act is providing tax credits effective beginning in tax year 2010 for millions of American small businesses to help them offer health insurance coverage to their employees if they choose to do so.
The IRS announced a number of details of how the tax credit works including that the new credit will not be reduced by a state health care tax credit or subsidy except in limited circumstances to prevent abuse that small businesses can receive the credit for traditional health insurance coverage and for add-on dental vision and other limited-scope coverage and detailed guidance on how a small business can determine eligibility and size of the credit.
Under health reform small businesses in our area and across the country can get tax credits to cover 35 of premium costs this year and 50 beginning in 2014" Rep. Green said. These businesses are not required to provide health insurance but may choose to do so through the use of these tax credits to retain and recruit the very best workers."
To view more information on the IRS guidance on the Small Business Health Care Tax Credit please go to:
http://www.whitehouse.gov/sites/default/files/rss_viewer/health_reform_small_business_guidance.pdf
Washington D.C. New guidance from the Internal Revenue Service (IRS) is very good news for the small businesses in the 29th District of Texas which may qualify for significant tax credits under health insurance reform. The Affordable Care Act is providing tax credits effective beginning in tax year 2010 for millions of American small businesses to help them offer health insurance coverage to their employees if they choose to do so.
The IRS announced a number of details of how the tax credit works including that the new credit will not be reduced by a state health care tax credit or subsidy except in limited circumstances to prevent abuse that small businesses can receive the credit for traditional health insurance coverage and for add-on dental vision and other limited-scope coverage and detailed guidance on how a small business can determine eligibility and size of the credit.
Under health reform small businesses in our area and across the country can get tax credits to cover 35 of premium costs this year and 50 beginning in 2014" Rep. Green said. These businesses are not required to provide health insurance but may choose to do so through the use of these tax credits to retain and recruit the very best workers."
To view more information on the IRS guidance on the Small Business Health Care Tax Credit please go to:
http://www.whitehouse.gov/sites/default/files/rss_viewer/health_reform_small_business_guidance.pdf
