Health Care Tax Credit

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Health Care Tax Credit

A tax credit available to some small businesses that provide health insurance for their employees. The health care tax credit is a direct, dollar-for-dollar reduction in a business' tax liability up to a certain percentage of the premium it pays for employee health insurance. The credit phases out for average employee incomes between $25,000 and $50,000 and for business with between 10 and 25 full-time employees. This credit became available in 2010.
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References in periodicals archive ?
The GOP'S proposed health care tax credits are no better in this regard than the long-decried individual mandate, which punishes people for not buying a product Washington wants them to.
The big change for those organizations with 25 or fewer employees is Small Business Health Care Tax Credits. Currently, small organizations that pay average annual wages less than $50,000, and that contribute 50 percent or more toward employees' self-only health insurance premiums may qualify for a small business tax credit of up to 35 percent to help offset the costs of insurance.
Deval Patrick signed Bill 2585 in August creating a small group wellness incentive program that would allow such receive federal health care tax credits
The Patient Protection and Affordable Care Act included small-business health care tax credits allowing employers meeting certain criteria to offset the cost of health insurance starting this year.
In 2005, he voted against legislation that would have provided health care tax credits and an immediate stimulus for businesses to purchase new facilities and equipment.
Income-based assistance, say, in the form of individual health care tax credits, would be a very reasonable option for this population without breaking the treasury.
A universal health care tax credit is the solution.
They have also proposed Health Care Tax Credits for individuals without access to employer-based coverage.
* New health care tax credits that would cost $40 billion and are designed to help taxpayers cover a variety of health care costs including long-term care, a credit for Medicare premiums paid under the proposed "buyin" proposal, and a credit for those who pay to continue their health care insurance when they are between jobs; and
Furthermore, in 2014, higher small business health care tax credits kick in, paying up to 50 percent of premium costs, as opposed to the current 35 percent.

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