Tuesday, March 23, 2010

03-23-2010: The final healthcare package is signed into law and provides a tax credit beginning in 2010 through 2013 for small businesses and 501(c) organizations with less than 25 employees and average wages below $50,000. During those three years, the bill permits a credit for all eligible small employers that provide insurance for their employees, and beginning in 2014, credits are available to employers purchasing employee coverage through health insurance exchanges. Nonprofits could take a credit in the initial period of 25 percent of the employer contribution and 35 percent in subsequent years, and apply the credit to taxes they withhold from payroll. Employees would still receive full credit for taxes withheld from their pay.