More letters going to MD small businesses about tax credits
Thanks to Maryland’s Comptroller Peter Franchot, about 5,000 more businesses in Anne Arundel County will be informed about new tax credits to help off-set their health care costs. The Comptroller’s office identified these businesses as potentially eligible for the tax credits based on their number of employees and reported average salary from previous tax filings. These business may be able to claim tax credits up to 35% of their businesses’ health care costs!
On Oct. 3rd, we celebrated this milestone by participating in a media event with the comptroller and local business leaders. Check out the great coverage of the event!
Comptroller wants health care tax breaks for Anne Arundel County businesses
By JACK LAMBERT Jlambert@capgaznews.com
Posted: Thursday, October 3, 2013 12:27 pm | Updated: 8:32 am, Fri Oct 4, 2013.
Small businesses in Anne Arundel County should check their mailboxes in the coming weeks – there could be tax breaks inside.
The state comptroller’s office is sending 5,800 letters to county small business owners spelling out available tax credits for their health insurance plans. The credits are part of the Affordable Care Act, commonly known as Obamacare.
Comptroller Peter Franchot said the mailings will not cost Maryland taxpayers, but could save businesses money on their health plans.
“I’ve been urging Maryland state officials to be much more proactive about small business because these businesses employ the vast bulk of our fellow citizens and neighbors,” Franchot said.
The 2010 Affordable Care Act mandates all businesses with 50 or more full-time employees offer health coverage to their workers. The mandate does not go into effect until 2015. Businesses with less than 50 workers are not required to offer health care plans, but must cover a list of essential health benefits if they do.
Small businesses are eligible for federal tax credits if they have less than 25 full-time employees, average less than $50,000 in annual wages and pay at least 50 percent of their employees premium cost. Tax credits could be worth up to 50 percent of premium expenses starting in tax year 2014 if an employer purchases coverage through the Maryland Health Connection.
Companies with less than 50 employees can shop for health plans in the federal Small Business Health Options Program marketplace. The comptroller’s office previously mailed letters to businesses in Howard County outlining potential tax credits.
Franchot announced the mailings at a press conference organized by the Maryland Health Care for All Coalition, a public health group led by long-time advocate Vincent DeMarco. Anne Arundel County Acting Health Officer Dr. Jinlene Chan also spoke.
Television Coverage: WBAL – TV (Channel 11)
Radio Coverage: WAMU Radio (88.5 FM)