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NC Small Business Owners Optimistic about Health Care Reform Tax Credit

Posted By Adam Searing On June 1, 2010 @ 3:59 pm In Uncategorized | Comments Disabled

The IRS is updating its guidance for small businesses who qualify for the small business tax credit if they provide health insurance. One of the IRS examples [1] illustrates why this is such a big deal:

Example 1: Auto Repair Shop with 10 Employees Gets $24,500 Credit for 2010

Main Street Mechanic:

Employees: 10

Wages: $250,000 total, or $25,000 per worker

Employee Health Care Costs: $70,000

2010 Tax Credit: $24,500 (35% credit)

2014 Tax Credit: $35,000 (50% credit)

Durham small construction company owner Blake Anderson was quoted in a Washington Post story today [2] as being optimistic about the tax credit – looks like he has good reason for that position.

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URL to article: http://pulse.ncpolicywatch.org/2010/06/01/nc-small-business-owners-optimistic-about-health-care-reform-tax-credit/

URLs in this post:

[1] IRS examples: http://www.irs.gov/pub/irs-utl/small_business_health_care_tax_credit_scenarios.pdf

[2] quoted in a Washington Post story today: http://www.washingtonpost.com/wp-dyn/content/article/2010/05/31/AR2010053101876.html

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