CHAPEL HILL, N.C. – Blue Cross and Blue Shield of North Carolina (BCBSNC) recently launched a new small business tax calculator to assist small businesses identify the tax credits they are eligible for under health care reform legislation. Small business owners can use the tax calculator at bcbsnc.com/taxsavings to determine their estimated tax credit for 2010-2013, and for 2014 when the rate increases to 50 percent (35 percent for tax-exempt businesses).
“We believe there are real benefits to small businesses through these tax credits,” said Brad Wilson, BCBSNC president and CEO. Wilson. “Under the current health care reform law, small businesses may qualify for a tax credit of up to 35 percent to help pay for health insurance. I hope all North Carolina small businesses will take advantage of these resources to ensure they receive the maximum benefits from this law.”
BCBSNC’s new small business tax calculator asks employers five easy questions, such as the total number of full-time employees and total annual hours worked by part-time staff. Once the questions are answered, the calculator will show small businesses their estimated tax credit. Other materials, such as a frequently asked questions and spotlight articles provide detailed information about the tax credits and how small businesses are impacted by health care reform.
“I think it is great that BCBSNC is offering tools and communicating to small employers about the health reform changes,” said Missy Vatinet, co-owner of La Farm Bakery, a popular French-inspired bakery in Cary, N.C. “This new health care tax credit will help small businesses offer quality coverage for their employees.”
“Small businesses are heavily impacted by health care reform,” added Wilson. “We understand that navigating the new law can bring confusion and uncertainty. Our goal is to provide tools like the small business tax calculator and other educational materials to help these groups understand the benefits available.”
The Congressional Budget Office projects that $40 billion in small business tax credits will be provided over the next 10 years. Once health care reform is fully implemented in 2014, the program is expected to provide $3 to 4 billion each year in credits. Visit nchealthreform.com for current health care reform information and specifics about how small businesses are impacted.
About Blue Cross and Blue Shield of North Carolina:
Blue Cross and Blue Shield of North Carolina is a leader in delivering innovative health care products, services and information to more than 3.7 million members, including approximately 900,000 served on behalf of other Blues Plans. For 77 years, the company has served its customers by offering health insurance at a competitive price and has served the people of North Carolina through support of community organizations, programs and events that promote good health. Blue Cross and Blue Shield of North Carolina is an independent licensee of the Blue Cross and Blue Shield Association. Access BCBSNC online at bcbsnc.com.