A Helping Hand for New York’s Small Businesses, a new report released today by Families USA and the Small Business Majority, determined that approximately 285,000 New York small businesses are eligible for tax credits under the new health reform law.
Starting this year, businesses with fewer than 25 workers and average wages of less than $50,000 will be eligible to receive a tax credit for the health insurance that they provide for their employees. The value of the credit this year (and until 2014) is up to 35 percent of the employer’s costs for employee coverage (and up to 25 percent of the costs for nonprofit employers).
Read the joint Families USA-Small Business Majority press statement on the report’s findings here.
Filed under: Affordable, Premiums, Small Business
Nice overview.
I would like to point out an additional way to access the health tax credit: combining a limited medical benefits program with a high deductible HMO.
I go through the example here: http://www.franchise-info.ca/supply_chain/2010/07/Small-business-tax-credits.html