Congressman Jim Himes (CT-4) announced new guidance from the IRS now available to assist small businesses interested in applying for health care tax credits. Connecticut IRS offices will be open Saturday, June 5th to help small businesses learn more about these credits and answer questions about other federal tax matters.
"This is good news for the many small business owners that want to provide health insurance to their employees but may be confused about who qualifies," said Himes. "This announcement makes clear that affordable coverage for small businesses is a top priority."
Over 19,000 small businesses in the 4th District may quality for the new health care tax credits. For those that choose to offer health insurance coverage to their employees, the IRS has released new information to both help businesses determine their eligibility for the tax credits and explain how the credits work.
IRS Notice 2010-44 provides information on how a small business can determine whether it is eligible. Further guidance clarifies that the new tax credit will not be reduced by a state health care tax credit or subsidy (except in limited circumstances to prevent abuse of the credit); and that small businesses can receive the credit not only for traditional health insurance coverage but also for add-on dental, vision, and other limited-scope coverage. For more information on this guidance, click here.