July 5, 2012 (San Diego) -- The federal Patient Protection and Affordable Care Act, signed into law in 2010, will take full effect by 2014. In light of a recent Supreme Court decision ruling the law constitutional, you may wonder how the law will affect California's small businesses.
The new law does not require employers to provide health insurance for employees. However, there are both penalties for not meeting coverage requirements and tax incentives for small businesses that do. To help small businesses learn more about requirements and opportunities provided by the new law, some of California's leading business organizations have launched a website: healthlawguideforbusiness.org.
The site includes key information regarding tax credits, cost savings, and health and profit benefits associated with wellness and prevention programs. Small business owners who currently do not offer health insurance, but choose to do so under the new law, will be eligible for tax credits.
Via the website, business owners can determine their tax credit eligibility—depending on their number of employees—as well as gain an understanding of how a new California Health Exchange can benefit their business.
“As we continue to move forward with state legislation preparing California for health care reform, this new resource will serve as a one-stop-shop for business owners who need quick information and answers regarding the new law,” said Senator Christine Kehoe, who forwarded a link to the new business website to ECM.