A new report shows the majority of Wisconsin small businesses are eligible for health care tax credits.
The brunt of the health care crisis has fallen on small businesses, so says Robert Kraig – Executive Director at Citizen Action of Wisconsin. He says a new report shows that over 21,000 Wisconsin small businesses have dropped health coverage for their employees in the last decade. “The latest numbers indicate that only 36.8-percent of Wisconsin small businesses provide coverage,” he says, “that is way down from 58-percent that provided coverage a decade ago.”
Kraig says research shows the reason small businesses are dropping health coverage is cost.
The report, issued by Families USA and Small Business Majority, shows how the new health care law aims to address that problem with tax credits — up to 35 percent to the smallest companies. “Of Wisconsin’s 99,200 small businesses, 86,100 of them — or 86.8 percent — will qualify for the tax credit.”
The tax credit goes down on a sliding scale as the number of employees and their average wages go up.