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  • Small Business Tax Credit extended to Dental and Vision

    Small Business Tax Credit extended to Dental and Vision

    Many of the key parts of the Patient Protection and Affordable Care Act (PPACA) do not go into effect until 2014.  However, one part that becomes effective as of January1, 2010 is the Small Business Federal Tax Credit of up to 35% of Employer contributions toward their employees’ health insurance premiums. 

     Details of the PPACA are slowly being released and this week, the U.S. Department of the Treasury clarified that the tax credit will be extended to the dental and vision coverage as well as medical.

     All small businesses with fewer than 25 full-time employees earning less than $50,000 average annual wages and cover at least 50% of the employee-only monthly premium are eligible for the credit (dependent costs paid by employer are NOT part of the tax credit). 

     Employers who do not currently have group insurance in place can add it any time during 2010 to receive the tax credit.

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