President Obama’s newly proposed budget for 2013 expands and simplifies the Small Business Health Care Tax Credit, which is designed to help small businesses afford the cost of covering their workers. It is anticipated that these changes will result in tax savings of as much as tens of thousands of dollars for millions of employers.
A nonpartisan small business advocacy organization, the Small Business Majority recently applauded the President’s proposal in a recent statement. While acknowledging that “the Affordable Care Act has already helped many small business owners better afford health coverage,” it is pleased that the expanded credits are even more robust.
The organization’s nationwide independent polling has shown that well over half of small business owners are unaware that the current tax credits even exist. Moreover, one-third of those who currently do not offer insurance to their employees have said they would be more likely to do so if the credits were made available to them.
To access a fact sheet on the President’s proposed budget with regard to the expansion and simplification of small business health care tax credits, go to White House Release February 16, 2012, now!