The health care reform legislation includes a special tax credit for small businesses and small tax exempt organizations. Eligibility is determined as follows:
Must cover at least 50 percent of workers based on the single rate
Must have less than 25 full time equivalent workers
Pay average annual wages below $50,000
The credit is worth up to 35% of the health care premium costs for 2010. It phases out gradually for organizations with average wages between $25,000 and $50,000 and between 10 and 25 full time equivalent workers.
Details are still pending as to how tax exempt organizations can claim the credit. For more information see the IRS website.
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