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Small businesses get help with health insurance tax creditPosted On Wed, May 26, 2010
Small businesses will be getting some help from the Internal Revenue Service in the form of a health insurance tax credit.
The passage of the Affordable Care Act instituted a new healthcare tax credit. The IRS is offering guidance to small business owners who want to know if they qualify for it.
The small business healthcare tax credit was created in order to get employers to provide insurance to their workers, the IRS said. In most cases, the tax credit is available to those who pay for at least half the cost for single coverage of employees. The tax credit became available this year and is expected help low- to moderate-income consumers.
Small Business Majority CEO John Arensmeyer told the Atlanta Business Chronicle that the tax credit guidance is "welcome news to hard-pressed small-business owners." However, not everyone is as optimistic about it. National Federation of Independent Business tax counsel Bill Rys told the news organization that "while a temporary credit certainly isn't a bad thing, it won't solve small businesses' health care cost problems."
The healthcare reform law was passed in March and is expected to be fully implemented by 2014.
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