Monday, April 12, 2010

Health Bill Small Business Tax Credits

All of you are probably aware that the recently passed health bill provided for small business tax credits. Some of the details of those tax credits are:

Tax credits are available to small businesses in two phases:

Phase One -if you are a business with 25 employees or less and average wages of $50000 or less and pay at least 50% of the total premium for your employees coverage you can receive a credit up to 35% of the premium cost between 2010 and 2013.

Phase Two begins 2014 and if you meet the criteria you can receive a tax credit up to 50% of your health insurance cost. The full tax credit is available in both phases to employers with 10 employees or less who have an average wage of $25000 . The credit phases out for employers with between 10 to 25 employees with average wages between $25000 and $50000. The credit ends 2016.

The tax credits can be captured by a deduction on your federal income tax liability and can be carried back 1 year and forward 20 years.

Are you eligible for these tax credits?

If you are not providing insurance will this incentive be enough to get you to provide health insurance to your employees?

Would you be willing to talk to the media? If so send me your contact information and the number of employees you have.

If you want to learn more about this and other provisions of the health bill please join the webinar April 13 at 9AM. You must register and can do so by calling 800-399-5331.

Scott Hauge
PresidentSmall Business California
2311 Taraval Street
San Francisco, CA 94116

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