Monday, May 17, 2010

Some Good News from "Obamacare" for Small Businesses

The Internal Revenue Service recently announced that both state and federal tax credits can be taken on qualifying health insurance expenditures and that these credits extend to dental and visual insurance. Small businesses can claim up to 35% of premiums while small nonprofits can claim up to 25%. Both businesses and nonprofits must cover at least half the employee's cost to be eligible.

The provision looks more likely to keep small employers from dropping health insurance benefits compared to promoting new employers to newly offer coverage. Nevertheless, any good news for small businesses from this legislation should be celebrated.


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