*New Federal Health Care Tax Credits

WHO QUALIFIES?

Businesses with fewer than 25 full-time equivalent employees (FTE) and average annual wages less than $50,000 per employee qualify.  According to the IRS, "Because the eligibility formula is based in part on the number of FTEs, not the number of employees, many businesses will qualify even if they employ more than 25 individual workers." 

To receive the tax credit, an employer must have a group health plan and must pay at least 50% of the premium.

WHO IS NOT ELIGIBLE?

The tax credit is not available for coverage for working owners (sole proprietors, partners, 5% shareholders, 2% shareholders of S corporations) and their immediate families.  Coverage for seasonal workers who work 120 or fewer days is not eligible for this tax credit.

...more on New Federal Health Care Tax Credits

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