New Report: Tax Credits Could Help Millions of Small Businesses Provide Health Coverage for Their Workers
Washington, D.C.—Small Business Majority and the consumer group Families USA will release a report on May 9 that details the number of small businesses and the number of employees in each state who could benefit from the tax credit program in the Affordable Care Act. Titled “Good Business Sense,” the report also includes the total dollar amount of tax credits that could be provided to businesses in each state.
The report focuses on new tax credits that provide help with the cost of premiums to small businesses with up to 25 workers that offer health coverage to their employees. Small businesses have traditionally faced higher administrative costs in providing coverage, and the tax credits will enable small businesses to provide health benefits and compete against large businesses.
Among its key findings, the report will include both national and state-specific data on:
- The number of small businesses that are eligible for tax credits to help with the cost of health insurance coverage for their workers for the 2011 tax year.
- The number of small businesses that are eligible to receive the maximum tax credit when they file their 2011 taxes.
- The number of Americans employed by a small business that is eligible for a tax credit for 2011.
- Of these workers, the number who are employed by a small business that is eligible for the maximum credit.
- The total value of tax credits available to small businesses for 2011, and the average per worker.
- The total value of tax credits available to small businesses eligible for the maximum credit and the average per worker.