IRS Opens Door For Some Washington Businesses to Receive ACA Credit
Employer Alert! The IRS issued guidance last week that certain small businesses in Washington can qualify for the Affordable Care Act’s small business tax credit if they provide their employees with health insurance that meets current rules, even if the employer’s principal business address is in a county not offering a qualified health plan through the Small Business Health Options Program (SHOP) Exchange, including employers in Adams, Asotin, Benton, Chelan, Clallam, Columbia, Douglas, Ferry, Franklin, Garfield, Grant, Grays Harbor, Island, Jefferson, King, Kitsap, Kittitas, Klickitat, Lewis, Lincoln, Mason, Okanogan, Pacific, Pend Oreille, Pierce, San Juan, Skagit, Skamania, Snohomish, Spokane, Stevens, Thurston, Wahkiakum, Walla Walla, Whatcom, Whitman and Yakima counties.
And remember, for taxable years beginning after December 31, 2013, the maximum credit rate is increased to 50 percent from 35 percent for eligible small employers (and to 35 percent from 25 percent for tax-exempt eligible small employers).