Small Businesses Get Health Insurance Tax Break
2008-06-10 12:42:21.0
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MONTGOMERY, Ala. (AP) - Small businesses in Alabama are going to
get a tax break on their health insurance costs starting Jan. 1.
Gov. Bob Riley signed tax break legislation into law during a
ceremony at the Capitol on Tuesday.
The governor pushed the tax break in the recent special session
of the Legislature. The goal is to make health insurance more
affordable so that more small businesses will offer it as an
employee benefit.
The legislation will allow businesses with fewer than 25
employees to deduct from their state income taxes 150 percent of
the amount they pay for health insurance for employees.
Small business employees who earn less than $50,000 annually
will be able to deduct from their state income taxes 150 percent of
what they pay toward their health insurance.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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