Small Business Finance News

Schumer Draws New York's Small Business Attention To Health Credit

Written by Jenna Weiner
Published: 1/26/2011

New York Senator Charles Schumer is urging tax professionals to alert small businesses to healthcare credit.

Small business startup news for New York entities has taken a beating recently. Earlier this week, TheStreet listed the state as the third worst place to start a small business, citing high personal and corporate income tax rates as well as taxes on individual and corporate gains, among others.

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However, New York Senator Charles Schumer is hoping a little known tax break will alleviate some of this pain. According to The Wall Street Journal, Schumer says that more than 300,000 New York small businesses are eligible for a new tax credit.

The credit is part of the Affordable Care Act and provides small businesses that offer health insurance to employees with up to $25,000. To ensure that owners know about the credit, Schumer recently encouraged a group of the nation's biggest tax preparers earlier this week to alert their clients of the credit.

To prove his point, Schumer cited a survey that stated nearly half of the state's smaller ventures had no idea the credit existed, despite more than 80 percent of businesses with fewer than 25 employees being eligible for it, the source reported.

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