Small Business Tax Credit Estimator
To calculate if your small business might be eligible for the new health care insurance tax credit for fiscal year 2010, click on the Montana Chamber Choices small business tax credit estimator. The federal health care reform bills passed by Congress in March 2010, created a new tax credit for small businesses that have 1) fewer than 25 full-time employees or the equivalent (hours by part-timers count); 2) pay an average annual wage of less than $50,000; and 3) cover at least 50% of the cost of each employee health insurance premium.
Overview of the Small Business Tax Credit
Read this short article for a review of the small business tax credit, including details for non-profit and for-profit employers as well as an explanation of the sliding scale of the tax credit.
Draft Form 8941
This is the draft form 8941 that the IRS has indicated will be used to calculate tax credits. You can also visit www.irs.gov for more information about the tax credits
