Issue link: https://www.e-digitaleditions.com/i/177159
The Employer Mandate, Insurance Exchanges, the Latest Requirements Dates & Deadlines to Help You Prepare for the Patient Protection and Affordable Care Act he new healthcare legislation, the Patient Protection and Affordable Care Act, has left many small business owners wondering how it will impact their business and what's next. Below is a timeline prepared by the National Federation of Independent Business (NFIB) that provides a quick glance at mandated requirements, changes that have already occurred, and changes that can be expected in the coming years. T 2010 small business tax credit • A temporary became available for six years for certain small businesses that provide qualified health coverage. The rules include: • Only firms with 10 or fewer employees receive the full credit. For firms with 11 to 25 employees, the credit is reduced. Firms with more than 25 employees are ineligible for the credit. • Only firms that pay their workers an average wage of $25,000 or less are eligible for the full credit. The credit is reduced as the average wage goes up, phasing out at $50,000. • Only firms covering 50 percent or more of insurance costs will be eligible. Beginning in 2014, if firms qualify for the tax credit, insurance coverage must be purchased in a Small Business Health Options Program (SHOP) exchange. • On July 1, a 10 percent excise tax 24 FEDA News & Views