11/15/11 -- Small Business Health Care Tax Credit for Small Employers
-- Health care tax credits not being utilized by small businesses --
Date: 11/15/11
According to the Treasury Department's inspector general for tax administration, the Small Business Health Care Tax Credit for Small Employers created by President Obama's healthcare reform bill has been severely under utilized since its implementation in 2010.

Eligible employers must cover at least 50 percent of the cost of health care coverage for their workers. Furthermore, qualifying employers must have less than the equivalent of 25 full time workers. Qualifying employers must also pay average annual wages below $50,000.

The tax credit is worth up to 35 percent of the firms' premium costs in 2010. On January 1, 2014 the rate increases to 50 percent. The credits phase out gradually for firms with average wages between $25,000 and $50,000 and for firms with the equivalent of between 10 and 25 full time workers.

As of May 2011, only 228,000 small businesses have claimed the tax credit out of the 4.4 million small businesses that could qualify for the tax credit according to the Treasury Department. Lack of education and knowledge of the Small Business Health Care Tax Credit for Small Employers has been cited as a major reason for its lack of use by the small business community.

For more information about the Small Business Health Care Tax Credit for Small Employers please copy and paste the link below into your browser:

http://www.irs.gov/newsroom/article/0,,id=223666,00.html

Aaron Colsher, Director of Policy and Programs -- 215.948.9285 x. 105
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