If you claimed the Small Employer Health Insurance Tax Credit last year, congratulations. You are one of few employers who not only qualified but persevered through complex calculations.Health care tax credit too complex for employers
According to a report issued this month by the U.S. Government Accountability Office, fewer than 12 percent of the businesses that were expected to claim the credit in 2010 did so. The GAO study, conducted at the request of Senate Small Business and Entrepreneurship Committee ranking member Olympia Snowe (R-ME) and House Small Business Committee Chairman Sam Graves (R-MO), found that 170,300 small businesses claimed the credit in 2010 at a cost of $468 million.
The numbers fall far below the estimates of government agencies and small business advocacy groups, which suggested that between 1.4 million and 4 million businesses would be eligible to claim the credit and that the cost of the credit would come to $2 billion in fiscal year 2010 and $40 billion from fiscal years 2010 to 2019.
According to twoRead More »from Few claim health insurance tax credit