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Businesses struggling to understand new health care lawsPosted On Mon, May 24, 2010
While most know that the new health care bill massively overhauls the system, many businesses are still unsure just how it does so.
While the government has been eager to spread the word - the IRS recently sent out 4 million cards to small businesses explaining how the new tax credits in the bill work and the Department of Health and Human Services are beginning to start insurance pools - many business owners, particularly those with small businesses, still don't know what any of it means for them.
"Until rules and regulations are drafted," Matt Robison of the Oklahoma Chamber of Small Business and Workforce Development told OKC.biz, "we really don't know the true implication of how this health care bill will apply to small businesses."
The maximum tax credits for the years 2010 to 2013, the website says, will go to the smallest businesses. Those with 10 or fewer full-time employees will receive a 35 percent credit, and the maximum for a small tax-exempt organization is 25 percent.
The value of those premiums, according to another report, will rise to 50 percent beginning in 2014.
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