Last week, the United States Supreme Court heard arguments about the validity of the 2010 healthcare reform law. Although certain provisions aren’t set to take effect until 2014, small business owners across the nation were focused on the arguments because the Court’s decision could drastically affect the cost of employee health insurance today and into the future.
If the Court upholds the law, employers with fewer than 25 employees and less than $50,000 in average wages may be eligible for incentives if they pay employee health insurance premiums. Eligible small businesses would start out receiving a tax credit of up to 35%, with the percentage increasing to 50% in 2014.
On the other hand, employee health insurance is often one of the larger costs that a small business incurs. Although most employers would like to provide their employers with these valuable benefits, some argue that if they are forced to provide health insurance to employees, they may be forced to downsize or go out of business.
Federal healthcare and other employee-related regulations may seem overwhelming to a small business owner, especially when the stakes are high and there are arguments on both sides of the issue. The landscape of federal regulation is ever-changing; our attorneys are here to keep up with these changes and guide your understanding and compliance, freeing you to focus on your business’s success.