Comptroller Franchot, participating in a pilot program introduced by the Maryland Health Care for All Coalition and funded by the Horizon Foundation, sent out more than 5,000 letters to small businesses in Howard County alerting them about potential eligibility for federal tax credits under the Affordable Care Act.
This is the first time in the nation that a state financial official has sent such a notice to encourage small business to take advantage of the tax credits.
The value of the tax credit depends on the number of employees and average wage. The credit may be worth up to 35% of eligible premium expenses for tax years 2010–2013. Beginning in tax year 2014, the maximum tax credit increases to 50% of premium expenses, and to be eligible, coverage must be purchased through the Maryland Health Connection.
For more information please visit:
To find out what percentage of the federal tax credit you will most likely qualify for given your number of employees and their average annual wages, visit the tax credit calculator for Small Business Tax Credits.