The Internal Revenue Service informed 144,000 small businesses in New Jersey that they may be eligible for healthcare credits under the Affordable Care Act. The news comes on the heels of a U.S. Treasury Department announcement that revealed that small businesses pay an average of 18 percent more in healthcare costs than large businesses, according to NewJerseyNewsRoom.
The government provided an example of how the credit will save money for small businesses. For example, if an entrepreneur is paying a staff of 10 an average of $25,000 and healthcare costs total $70,000, the business will earn a $24,500 credit, according to the Bergen Record.
"I'm eager to understand the impact," Jim Kirkos, executive director of the Meadowlands Regional Chamber of Commerce, told the Record.
Additionally, a small business with 25 employees that earn an average of $50,000 may be in line for a $35,000 credit between 2010 and 2013. In 2014, small businesses credits will increase to 50 percent. The Congressional Budget Office predicts the new regulations will save small businesses up to $40 billion by 2019, the Record reports.
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