Southern Brooklyn

Local Politicians Highlight Health Insurance Tax Credit

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This guy needs health insurance. (Source: Amarand Agasi/Flickr)

Hey, local business owners, looking to cut some costs and help your employees out?

Senator Charles Schumer and State Senator Marty Golden are trying to raise awareness among local businesses of a new federal tax credit that’s part of the Affordable Care Act and can be worth up to $25,000. It’s called the Small Business Health Care Tax credit, and it helps pay they cost of providing health insurance to your workers. Business with less than 25 employees are eligible; of course, the catch is that you have to offer health insurance to those employees. This is a good opportunity to start if you don’t already.

According to Senator Schumer about 350,000 small businesses may qualify for the tax break (though some say that number is overstated). If you’re a small business owner and would like to see if you qualify, the National Federation of Independent Business has put up a calculator to determine your break per employee.

If you’d like to know more about the Affordable Care Act and how it benefits you, check out the government’s website. You can also check out this page about the Small Business Health Care Tax Credit.

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