In time for this year's tax filing season, a group of Democratic senators sent letters to the CEOs at two of the nation's largest tax-service companies to make sure they're aware of the small-business credit included in last year's Patient Protection and Affordable Care Act.
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Businesses with fewer than 25 workers and average wages of less than $50,000 are eligible for tax credits of as much as 35% for the health insurance they provide to employees, with that credit maximum increasing to 50% in 2014, said the letter from Senate Majority Leader Harry Reid (D-Nev.), Senate Finance Committee Chairman Max Baucus (D-Mont.) and Sens. Dick Durbin (D-Ill.), Chuck Schumer (D-N.Y.), Patty Murray (D-Wash.), Debbie Stabenow (D-Mich.) and Mark Begich (D-Alaska) to Alan Bennett of H&R Block and Philip Sanford of Jackson Hewitt Tax Service.
The senators also said in a news release that only 43% of eligible small businesses are familiar with the tax credits that were enacted in the health reform law.
“More than 4 million small businesses, or 83% of all small businesses in the United States, will be eligible to receive the tax credit in 2010,” the letter said. “Over 10 years, the tax credit will be worth $40 billion to our nation's small employers.”
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