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Wednesday, April 21, 2010

Obama Cuts Taxes for Small Business with Health Reform

Here's something else Gordon Howie and Marty Jackley want to repeal: tax breaks for 20,000 South Dakota employers. KJAM reports that President Obama's health insurance reform law provides tax credits to encourage small businesses and non-profits to cover at least half the cost of their employees' health insurance. The credit applies to small businesses that offer new coverage and firms that simply maintain qualifying coverage.

And while some of the good parts of health insurance reform don't kick in until 2013, these tax credits are in effect now: you offer coverage to your employees this year, you get to claim the credit on your 2010 taxes. The credit kicks in now at 35% of premium costs; in 2014, it bumps up to 50%.

So keep this in mind: in opposing health insurance reform (which, I emphasize again, is now law), the Tea Party is fighting a tax cut for small business.

Learn more at the IRS website (and thank you, KJAM, for the hyperlinks!).

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