Rep. Maloney to NY Small Businesses: Health Care Tax Credit Available Now

Apr 20, 2010
Press Release

Washington, D.C. – Today, Rep. Carolyn Maloney (D-Manhattan, Queens) urged eligible New York small businesses to take advantage a substantial new health care tax credit available this year, thanks to the health care reform bill approved by Congress and signed into law by President Obama. Small businesses that provide -or begin providing- health care to their employees, have fewer than 25 workers, and have less than $50,000 in average annual wages per employee are eligible for the credit. The maximum credit available under the new law is equal to 35% of employers’ health care costs – with the maximum amount rising to 50% by 2014.

Please visit https://www.irs.gov/newsroom/article/0,,id=220839,00.html for more details about the new tax credit and how it is calculated. In addition, starting this week, the IRS will be mailing eligible small businesses to notify them of the tax credit and urge them to take advantage of it.

“The health care reform law, which I was proud to support, is already making health insurance more affordable for America’s small businesses, including more than 340,000 here in New York that should get a big tax cut this year,” said Rep. Maloney. “For small business owners with questions about what the new reforms will mean to them, the answer should be music to their ears: up to 35% off the cost of health care this year, with lots more help on the way. Health care reform will mean healthier workers and healthier bottom lines for the small businesses that employ them – and that’s a change we can all celebrate.”

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