The Internal Revenue Service released guidance Friday to provide relief for some small employers that want to claim the Small Business Health Care Tax Credit for 2017 and later years.
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The relief announced Friday by the IRS helps employers who first claim the credit for all or part of 2016 or a later taxable year for coverage offered through a SHOP Marketplace, but who don’t have SHOP Marketplace plans available that they can offer to employees for all or part of the rest of the credit period because the county where the employer is located doesn’t have any SHOP Marketplace plans available.
In many parts of the country, insurance companies have elected to drop their Obamacare policies, either because they don’t see the business as profitable or they are worried about the lack of support for the ACA in the Trump administration.
The relief provided by the IRS will enable small employers to claim the credit for health insurance coverage provided outside a SHOP Marketplace for the rest of the credit period if that coverage would have qualified under the rules that applied before Jan. 1, 2014.
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For more information on whether a county had or has coverage available through a SHOP Marketplace, check out the “Who Gets the Credit” section of the
