Printed on October 10, 2014
If you purchase well being protection on your staff by the Small Enterprise Well being Choices Program (SHOP) Market, you could qualify for a tax credit score value as much as 50% of your premium contributions.
Two new instruments are actually accessible in Spanish on CuidadoDeSalud.gov to make it simpler for small employers to grasp and take full benefit of the advantages accessible from the SHOP.
The brand new Full-Time Equal (FTE) Calculator helps small employers decide in the event that they’re eligible to purchase SHOP protection for his or her staff, whereas the brand new SHOP Tax Credit score Estimator lets small employers be taught the scale of the tax credit score they might get for contributing to protection for his or her staff by the SHOP.
Listed below are some key issues you must know in regards to the tax credit score and making use of for SHOP:
- Employers with fewer than 25 full-time equal staff could also be eligible for the Small Enterprise Well being Care Tax Credit score, value as much as 50% of employer premiums contributions, if their staff make a median of $50,000 a yr or much less.
- The tax credit score will likely be accessible to eligible employers for 2 consecutive taxable years.
- The tax credit score could also be accessible to eligible tax-exempt employers who may obtain as much as 35% of employer premium contributions, and might entry the credit score as a refund.
- Typically, the Small Enterprise Well being Care Tax Credit score is on the market for eligible employers buying SHOP well being plans.
- Go to IRS.gov for the freshest info and steerage on claiming this tax credit score.
- Even if you happen to’re a small employer who doesn’t qualify for a small enterprise tax credit score, you should still buy protection by SHOP.
Apply for SHOP protection any time, all yr
SHOP is open to employers with 50 or fewer full-time-equivalent staff (FTEs) and enrollment is open year- spherical.
In case your state runs its personal SHOP, go to your state Market for info on how you can calculate FTEs.
Select your state and we’ll enable you get began. In case you have questions in regards to the SHOP Market name 1-800-706-7893 (TTY: 711), Monday by Friday, 9 a.m. to 7 p.m. ET. Brokers and brokers may use this quantity.
