Today marks the first day of the week-long celebration taking place around the nation to commemorate the one-year anniversary of the Affordable Care Act (ACA). To help get things rolling, HCFANY will be spotlighting a different aspect of the ACA each day this week, and how it is helping New Yorkers.
Today’s topic, if you didn’t guess it already from the headline, is small businesses.
New York is in the thick of tax season at the moment, which can be a harrowing experience for many. But, this time around, things are a little different for many of New York’s small business owners. According to estimates from the Small Business Majority, more than 80% of New York’s small businesses (285,000) are now eligible for new tax credits under the ACA, starting with the 2010 tax year. 78,000 are eligible for the maximum credits.
That’s right – these credits are helping to make employee health benefits more affordable for small business owners. Under the new law, employers with 25 employees or less who offer health insurance coverage to their workers may be eligible for a tax credit of up to 35% (25% for non-profits) of the employer’s share of the cost. Starting in 2014, tax credits will go up to 50% (35% for non-profits). Cash-strapped small businesses are now starting to see some relief, and the outlook is looking better for jobs in the immediate future.
Think you might be eligible? Click here to find out how much your credit could be worth.
HCFANY has recently partnered up with the Small Business Majority to help get the word out on these new tax credits and other important benefits for business owners under the ACA. So, keep an eye out for Ben Geyerhahn, Director of the Small Business Majority’s New York branch, at upcoming HCFANY events and feel free to ask him all of your pressing questions on health reform and how it is helping small businesses!
In the meantime, check out the following materials to learn more about what’s in store for small businesses in New York: