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The Affordable Care Act (Obamacare): If You Have Health Insurance

Small Businesses Are Encouraged To Offer Employees Health Plans

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12/19

Tax Credit: 2010 - 2014: The Act provides a tax credit to small employers with no more than 25 employees and average annual wages of less than $50,000 that purchase health insurance for employees.

  • Phase 1: For tax years 2010 through 2013:
    • A tax credit of up to 35% of the employer's contribution toward an employee's health insurance premium if the employer contributes at least 50% of the total premium cost or 50% of a benchmark premium.
    • The full credit will be available to employers with 10 or fewer employees and average annual wages of less than $25,000.
    • The credit phases-out as firm size and average wage increases.
    • Tax-exempt small businesses meeting these requirements are eligible for tax credits of up to 25% of the employer's contribution toward the employee's health insurance premium.
    • For a complete understanding of the law, click here.
  • Phase II: For tax years 2014 and later:
    • For eligible small businesses that purchase coverage through an Exchange, a tax credit of up to 50% of the employer's contribution toward an employee's health insurance premium if the employer contributes at least 50% of the total premium cost.
    • The credit will be available for two years.
    • The full credit will be available to employers with 10 or fewer employees and average annual wages of less than $25,000.
    • The credit phases-out as firm size and average wage increases.
    • Tax-exempt small businesses meeting these requirements are eligible for tax credits of up to 35% of the employer's contribution toward the employee's health insurance premium.

Wellness: The Act provides grants for up to 5 years to small employers that establish wellness programs. (Funds have been appropriated beginning in fiscal year 2011.)


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