The legislation on health care has established that the tax credits would be given to companies, but did not provide details on which small businesses could apply or how much they are worth. Recently, the Internal Revenue Service has issued a list of rules and qualifications for small businesses could receive tax credits to provide health insurance employees.
Small businesses with fewer than 25 employees and also pay their employees an average salary of less than $ 50,000 are eligible for tax credits. However, according to The Washington Post , the tax credit will be smaller if small firms have more workers and have larger salaries. Thus, only companies that have 10 full-time workers who pay less than $ 25,000 on average each employee will receive the full tax credit of 35 percent. Otherwise, large companies or companies that pay employees will not get such a large tax credit.
Small companies that receive the tax credit must pay at least 50 percent of employee premiums. They can also use the tax credit to pay for dental care, vision or other insurance benefits.
The small business tax credits could provide assistance to four million small businesses; However, credits may be granted until companies file taxes in 2011.
It is great that small businesses will be helped to provide health insurance benefits, but many experts are not clear how much these tax credits will help.
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