Small Business Tax Credit Guide
Beginning in 2010, the government is offering small employers a new small business tax credit, worth up to 35 percent of health insurance premium contributions (25 percent if the small employer is tax-exempt) to help them offset the costs of maintaining health insurance for their employees.
Who May Qualify
A small business may qualify for this credit if it meets the following requirements:
How to Determine Eligibility
The Internal Revenue Service (IRS) has provided three simple steps to follow in determining a company's eligibility. Download the IRS fact sheet to learn more.
How To Claim A Credit
Both small businesses and tax-exempt organizations can use Form 8941 to calculate the small business tax credit. To obtain instructions to Form 8941 or for more information please read the IRS news release.
If you have further questions, please contact your account executive.
This information is provided for informational purposes only and does not constitute legal advice. Please consult your legal counsel regarding your specific situation.
Please note that this content is only intended to describe national health care reform requirements under the Patient Protection and Affordable Care Act (PPACA). It does not address Massachusetts law requirements or the potential impact of Massachusetts law on federal PPACA requirements.
For purposes of PPACA implementation, Blue Cross Blue Shield of Massachusetts assumes the plan year is the policy year, unless an account notifies us otherwise.