SHOP tax credits explained

Firms with fewer than 25 employees can get up to a 50% tax credit next year if they join the Small Business Health Options Program, Small Business Administration Senior Policy Adviser Meredith Olafson said during a webcast. Some of the SHOP exchanges will offer only one plan next year, but employers should have multiple plans from which to choose in 2015, Olafson said. Average annual wages at qualified businesses must be $50,000 or lower, excluding owner, partner and family income; and employers must cover a certain percentage of employees’ premiums. InvestmentNews (free registration) (7/25)

Last Updated 11/25/2020

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