Insurancenewsnet - Peters co-sponsors proposed ACA Changes to Cut Costs for Small Businesses
Today, U.S. Representative Patrick E. Murphy put forward two proposals to improve the Affordable Care Act by expanding tax credits for small businesses to help offset the costs of offering health coverage to employees. Joining Murphy in introducing these two bills are U.S. Reps. John Delaney (MD-06), Joe Garcia (FL-26), Scott Peters (CA-52), and Kyrsten Sinema (AZ-09).
"Small businesses account for two thirds of all new jobs created, making them the backbone of our economy and key to our recovery. As a former small business owner, I understand what a challenge it is to recruit and retain top talent due to the expenses of offering competitive benefit packages--including health insurance--to fewer employees. My two bills would expand existing tax credits that have already improved the quality of the small business workforce and reduced the number of uninsured small business employees by making competitive health benefits more affordable for entrepreneurs. I promised to do what I could to make the healthcare law better and fight for jobs, and that is what I am doing with these common sense measures."
The Helping Entrepreneurs Lower Prices (HELP) Act would expand eligibility for the tax credit from businesses with fewer than 25 employees to businesses with up to 50 employees. This would lower costs for small businesses and reduce the number of uninsured Americans.
The Small Business Attraction and Retention Act would expand a tool that has been helping America's small businesses grow by allowing them to use this credit for three consecutive years. An additional year of certainty for a widely used and effective tax credit would give small business the confidence to continue growing, innovating, and creating jobs.