Apr 19, 2024
Eligible small businesses can potentially qualify for federal tax credits of up to 50% on premiums to help offset the cost of providing health insurance. This exclusive tax credit is only available through Covered California for Small Business (CCSB).
Qualifying groups can apply this tax credit on their Federal Tax Return. This credit may be available for your small business clients that:
- Have fewer than 25 full-time equivalent employees;
- Pay an average wage of less than $62,000 per year; and
- Pay at least half of their employees' health insurance premiums.
Tax credits work on a sliding scale: the smaller the business, or the lower the annual wage, or both, the larger the credit might be.
Details are available here. Employers can also contact their tax professionals or visit the IRS web site.
For more information, please contact your Amwins Connect Regional Sales Manager.
