Healthcare laws and health insurance have long been areas of contention for small businesses. The expense of issuing health care insurance would often be the factor small businesses would consider before hiring a permanent employee versus a temporary contract employee.
Now, healthcare laws have changed and reform has arrived.
And the Obama Administration promises to take the pain out of healthcare insurance for small businesses.
Two pieces of legislation were passed to that extent: The Patient Protection and Affordable Care Act (PL 111-148) and the Health Care and Education Reconciliation Act of 2010 (PL 111-152). The budget reconciliation process essentially amended certain provisions of the first act and added some new provisions of its own.
The thing about budget reconciliation is this: The budget reconciliation act must deal with budgetary issues. As such, it’s no surprise to anyone that the new health care laws will have an impact on the Internal Revenue Code. But how does all this shape up for the business owner? Let’s have a look:
Will these new federal income tax laws make it easier for small businesses to provide health insurance to employees? The Obama Administration certainly says so.
Time will tell.
Related Resources:
- The Economic Effect of Health Care Reform on Small Businesses and their Employees (White House)
- Health Care Reform Reshapes Tax Code (Journal of Accountancy)
- What is Budget Reconciliation and How Does it Affect You? (FindLaw’s Law & Daily Life)
- Tax Law News (provided by Law Offices of Jeffrey S. Freeman)
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