A representative with the U.S. Small Business Administration is reminding some small businesses they may qualify for tax credits under the Affordable Care Act.
Dennis Foldenauer gave a presentation on the health care law Wednesday in Peoria. He says businesses with 50 or fewer employees that provide insurance to staff through the Small Business Health Options Program Marketplace qualify.
“That may allow you to reap 50% of the premiums you paid, and of course, tax deductibility of health insurance provided by employers didn’t change as a result of the ACA. So, now you are talking about deducting the other 50% if you’re able to claim that tax credit.”
Foldenauer says 2015 is also the first year businesses with 100 employees have to pay penalties for not offering health insurance. Businesses with between 50 and 99 employees will pay penalties in 2016.