small business health care tax credit is designed to encourage small
employers to offer health insurance coverage for the first time or
maintain existing coverage.
qualify, small employers must: (1) pay at least half of the premiums
for employee health insurance coverage, and (2) pay premiums on behalf
of employees enrolled in a qualified health plan offered through a Small
Business Health Options Program (SHOP) Marketplace (or through a direct
enrollment process, if available).
maximum credit in tax years 2010 through 2013 was 35 percent of
premiums paid by small businesses. In 2014, the maximum credit rate rose
to 50 percent.
businesses claim the credit using IRS Form 8941. For more information,
visit the Small Business Health Care Tax Credit page at IRS.gov.
Content courtesy of Fine Print, Issue 60, Summer 2014, a quarterly publication of the Ohio State Bar Association and our members.