Grand Rapids, Michigan (PRESS RELEASE – December 16, 2010) – As the year-end approaches, small business owners will be evaluating their tax burden for 2010. Relief may be available for some small business owners thanks to the Affordable Care Act, which offers tax credits for qualified businesses offering employee health benefits.
Michigan business owners can use the Small Business Tax Credit Calculator on UnderstandingHealthReform.com to determine if their business is eligible for a tax credit. The tool walks users through a simple question and answer format and calculates both eligibility and the credit amount for eligible employers.
To qualify for the 2010 tax credit, small businesses must:
- Cover at least 50% off the premium cost for their employees’ health benefits
- Have fewer than 25 full-time equivalent employees
- Pay average annual wages below $50,000
The website – developed by Priority Health to help employers navigate health reform – includes a video tutorial on using the tax credit calculator as well as a list of information needed to complete the six question calculation.
About Priority Health
Priority Health is an award-winning health plan nationally recognized for creating innovative solutions that impact health care costs while maximizing customer experience. It offers a broad portfolio of products for employer groups, individuals and Medicare and Medicaid. As a non-profit company, Priority Health serves more than 600,000 people and continues to be ranked among the America’s best health plans by the National Committee for Quality Assurance.