To qualify for tax credits an employer must:
- have 25 employees or fewer
- have average firm wages of $50,000/year or less
- provide health insurance coverage for employees (the employer must contribute a minimum of 50% of the cost of their employees’ coverage)
- file the appropriate tax returns (Form 8941; Line 44f of Form 990-T for exempt organizations) with their tax preparer
Tax credits are available now. Businesses may apply for the previous years’ credits for which they qualify.