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Politics : Formerly About Advanced Micro Devices
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To: Wharf Rat who wrote (1006681)3/18/2017 4:07:47 PM
From: Wharf Rat  Read Replies (1) of 1575424
 
How Obamacare repeal could impact small business, health care cost-containment programs

Under AHCA, tax credits of up to 35 percent of health costs for small businesses with fewer than 25 employees in 2020 are deleted. AHCA doesn't address the online Small Business Health Options (SHOP) exchange for small businesses, but many believe it will ultimately be defunded as will the individual marketplace.

I got feedback on tax credit repeal from Scott Lyon, senior vice president of the Small Business Association of Michigan. He didn't appear too concerned that the small business tax credit would end, "given that very few small businesses took advantage of this. It most likely won't be missed by many."

While I have not been able to find any data on the number of small businesses in Michigan that have benefited from the tax credits, I have reported on several, including Downtown Home and Garden in Ann Arbor. Nationally, the General Accounting Office said 181,000 employers claimed the small business tax credit in tax year 2014.

The CBO said the repeal of the small business tax credit will "save" the federal government $6 billion from 2021 to 2026, which to me means that small businesses will lose $6 billion in credits that helped them pay for employee health insurance.

The CBO also said it expects fewer employers to offer health insurance because the legislation would change their incentives to do so.

crainsdetroit.com
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