Small Business Health Care Tax Credit

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The Affordable Care Act was enacted on March 23, 2010. It contains some tax provisions that take effect this year and more that will be implemented during the next several years. This article discusses the small business tax credit.

This new credit helps small businesses and small tax-exempt organizations afford the cost of covering their employees and is specifically targeted for those with low- and moderate-income workers. The credit is designed to encourage small employers to offer health insurance coverage for the first time or maintain coverage they already have. In general, the credit is available to small employers that pay at least half the cost of single coverage for their employees. Learn more by browsing the IRS page on the Small Business Health Care Tax Credit for Small Employers.

Download the Small Business Tax Credit  Q & A tip sheet:

icon Healthcare Tax Credit Q and A (77.16 kB)

Of course, every situation is different.  Please consult your tax professional for more information.