IRS Releases Healthcare Tax Credit Form
For tax years 2010 to 2013, the maximum credit is 35% of premiums paid by eligible small business employers and 25% of premiums paid by eligible tax-exempt organizations. In 2014, the maximum tax credit will go to 50% of premiums paid by eligible small business employers and 35% of premiums paid by eligible, tax-exempt organizations for two years. The maximum credit goes to smaller employers—with 10 or fewer fulltime employees—paying annual average wages of $25,000 or less, IRS said.
The credit is phased out for employers with 25 fulltime employees or more or that pay average annual wages of $50,000 or more. Because the eligibility rules are based in part on the number of FTEs, and not simply the number of employees, businesses that use part-time help may qualify even if they employ more than 25 individuals, IRS said.
John Commins is a senior editor with HealthLeaders Media.
- NFP Hospitals' Revenue Growth at 'All-Time Low'
- CNO Leads $1M Charge for New Scrubs, Uniforms
- Transforming Cancer Care
- Acute Kidney Injury Gets New Focus
- Interventional Radiology No Longer a Sub-Specialty
- Sharp HealthCare Leaves Pioneer ACO Program
- Half of All Primary Care, Internal Medicine Jobs Unfilled in 2013
- mHealth Tackles Readmissions
- Proton Beam Therapy Poised for Growth in US
- MA an Insurance Proving Ground for Providers