VIRGINIA MAIN STREET ALLIANCE UPDATE #3
There is a federal income tax credit for small businesses that provide health insurance for their employees. The credit will carry over into the future if it is not all used in one year. IRS form 8941 contains information http://www.irs.gov/pub/irs-pdf/i8941.pdf
President Barack Obama is proposing that the tax credit for small businesses that provide health insurance be expanded. Currently the tax credit ends if a business has more than 25 employees or an average wage over $50,000. The current credit also phases out as a business approaches these limits. The president is proposing upping the employee limit to 50 employees and changing the phase out so that more businesses that are close to the limit can benefit. For more information see http://www.whitehouse.gov/blog/2012/02/16/expanding-healthcare-tax-credit-small-businesses
A recent study found that small businesses pay 18% more than large businesses for health insurance coverage. The large pooling and buying power that the Health Benefit Exchange will provide can help change this equation. See http://content.healthaffairs.org/content/25/3/832.fullfor the study.
The report of the task force the governor set up that has been studying health care reform for the last two years, along with studies the group did, can be found at http://www.hhr.virginia.gov/Initiatives/HealthReform/
The Virginia Main Street Alliance has a 20-minute presentation on small businesses and health care reform. If you know of a group that it interested in this presentation, please e-mail Bob Becker at email@example.com call 804-937-0752.
On Tuesday, May 15, Virginia Organizing and the Virginia Main Street Alliance will hold a health care reform seminar for small businesses at the Church of the Holy Apostles, 1593 Lynnhaven Parkway in Virginia Beach from 3:00-4:00 p.m. Contact Bob Becker at firstname.lastname@example.org register.
Marketplace, an American Public Media radio show, recently did a great story on medical billing codes. It talks about how the system of billing for services has led to a massive bureaucracy and spiraling health care costs. See http://www.marketplace.org/topics/life/health-care/battle-over-billing-codesfor the story.
On April 20, the Small Business Majority will be holding a forum on small business and health care reform in Chantilly, in northern Virginia. The forum will be from 8:30-10:00 a.m. at the Chantilly Chamber office, 3901 Centerview Drive, Suite S, Chantilly, 20151. See http://www.smallbusinessmajority.org/state-activity/virginia-state-activity.php?state=VAfor more details.