Under the Affordable Care Act, tax credits that lower the costs of employee insurance premiums are available to some small business that meet the qualification requirements.
To qualify, a business must have no more than 25 employees who are full-time. The average annual wage of those employees cannot exceed $50,000. And, health care coverage for those employees must come from the Small Business Health Options Program (SHOP) marketplace.
For 2014, the maximum amount available as a tax credit is 50 percent of total employee health care costs if the company is a small business and 35 percent of total employee health care costs if it is a non-profit organization in the state. Additional requirements exist for business who want the maximum credit amount. For example, the business must have no more than 10 employees who are full-time and their average annual wage cannot exceed $25,000.
For more information on tax credit opportunities and small group insurance in the greater Los Angeles, California area, contact Save-On Health Insurance Services today.