“The number of claims for the Small Business Health Care Tax Credit, which was included in the health care reform law as a way to help small businesses provide health insurance for their employees, has been much lower than anticipated, according to a new government report.
The report, by the Treasury Inspector General for Tax Administration, found that the volume of claims for the credit has been low despite IRS efforts to inform 4.4 million taxpayers who could potentially qualify. According to the IRS, as of mid-May 2011, just over 228,000 taxpayers had claimed the credit, totaling more than $278 million in claims. The Congressional Budget Office had originally estimated that taxpayers would claim up to $2 billion worth of Small Business Health Care Tax Credits for tax year 2010 and the cost would be $37 billion over 10 years.”
Click here to read the full article on accountingtoday.com