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Products March 23, 2011
Highmark Launches Health Reform Tax Credit Calculator
March 23, 2011 (PLANSPONSOR.com) - To help small businesses calculate the tax credits available to them under the health care law, Highmark – in partnership with H&R Block – has launched a Small Business Tax Calculator.
Reported by Rebecca Moore
The calculator is available at http://www.highmarkonhealthreform.com, the company’s health care reform Web site. In addition to the calculator, the site includes many features benefitting employers including daily updates, an interactive timeline, key facts about the provisions, videos, a grandfathering-at-a-glance chart, and AskBlue Health Reform, a Web experience for navigating reform, according to a press release.
Highmark explains that beginning with tax year 2010, many small businesses are eligible for new small business tax credits through health care reform. The tax credits, available on a sliding scale, are worth up to 35% of a small business’ health insurance premium costs in 2010, increasing up to 50% on January 1, 2014.
To qualify, small-business employers must contribute at least 50% of the premium cost of employees enrolled in either single or family health insurance coverage, have fewer than 25 full-time equivalent employees, and pay average annual wages below $50,000.