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Friday, May 25, 2012
According to GAO, between 1.4 and 4 million small business were eligible for the tax credit, but it was only claimed by a fraction of that amount. This tax credit was enacted as part of the 2012 Affordable Care Act, which was aimed at reducing the high cost of health care coverage for companies. Companies who have less than 25 workers and average pay salaries of 50,000 or less are eligible for at least half of employee health premiums.
Most small business employers found the tax credit program hard to understand, which can be the cause for so many employees not applying for the program.
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Keywords: tax credit, small business, health care, Affordable Care Act, tax credit program
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