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===Small Employer Health Insurance Tax Credit===
There is also a temporary health insurance tax credit available to firms with 25 or fewer employees and making less than $50,000 in annual wages, but many firms do not meet the strict requirements necessary for obtaining the tax credit that would cover part of the employer contributions for their employees' health insurance premiums. :*Firm must emlploy fewer than 25 full-time equivalent (FTE) employees*Average employee salary is $50,000 per year or less*Employer covers at least 50% of your full-time employees' premium costs*Coverage for full-time employees is purchased through the SHOP Marketplace
To qualify for the small business tax credit, employers have to cover at least 50% of employee-only health care coverage for every employee and purchase their insurance coverage through the SHOP Exchange. Additionally, only employers with 10 or fewer FTE with annual wages of less than $10,000 can qualify for the full tax credit that covers up to 50% of their share of employee premiums.
