Are Non-Profits Eligible for a Health Insurance Tax Credit?
Although non-profits are not required to purchase health insurance for employees, your organizations is eligible to purchase health insurance through state-specific “SHOP” programs which aim to make it easier for smaller workplaces to find affordable health insurance options. Additionally, federal legislation gives non-profits with fewer than 25 employees the right to receive a Small Business Health Care Tax Credit for insurance premiums paid by the employer for their employees’ health insurance. For non-profits, this credit is actually a refund on quarterly payments made to the IRS for income tax withholdings.
To take advantage of the Health Insurance Tax Credit, contact Gross & Co. Insurance. The experts at Gross & Co. help New York City non-profits find group health insurance options that best suit their needs. Gross & Co. can also help you with D&O insurance, commercial auto insurance, and umbrella insurance policies.