Congressman Bill Owens urged Upstate small businesses to take advantage of significant tax credits under recently passed health insurance reform. The Affordable Care Act is providing tax credits, effective beginning in tax year 2010, for millions of American small businesses to help them offer health insurance coverage to their employees.
"This is great news for thousands of small businesses in our community," said Owens. "Under the recently passed legislation, our business owners qualify for tax credits to cover 35% of their premium costs this year, and 50% beginning in 2014. Affordable coverage for small business owners is a top priority and I am committed to make sure reform is working for them."
Congressman Owens announced a number of details of how the tax credit works, including:
* 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);
* 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; and
* detailed guidance on how a small business can determine whether it is eligible and how large a credit it will receive.