House Bill 2177 passed on September 21, 2006. This law provides companies that have anywhere from 2-24 employees, money from the Arizona Department of Revenue to provide health insurance for their employees.
1. You must have been in business for at least one year
2. You must not have had group health insurance in the last 6 months.
If you qualify, your company is eligible to receive $1,000 per single employee per year and also $3,000 per employee and spouse, employee and child or employee and family. This is employer owned money that is deducted directly off of the health insurance premium bill you get every month. There is no tax ramifications and you don't have to pay the money up front, and then wait for a reimbursement.
For more information on the Department of Revenue money please contact:
Jason Holmes at 480-722-7628 or Jason@Dedicatedinsgrp.com
When you add this to the 35% tax deduction you might receive if you qualify for it on your 2010 taxes, putting in a group medical plan can be more inexpensive than you might think. If you want to read more information on the tax deduction please go to:
www.irs.gov/ then type in the search box: Health Insurance Tax Credit.