PROVIDENCE – Lt. Gov. Elizabeth H. Roberts has launched a newsletter to promote small businesses in Rhode Island to take advantage of the Small Business Health Care Tax Credit made available as part of the Affordable Care Act.
In Rhode Island, which has about 24,000 small businesses, the tax credit could mean substantial savings for many of these employers, according to the newsletter.
For tax years 2010 through 2013, the maximum credit is 35 percent for small-business employers and 25 percent for tax-exempt organizations, such as charities, according to the newsletter.
Exactly how many small businesses in Rhode Island have taken advantage of the tax credit is unclear, as the U.S. Internal Revenue Service has not released any data. A survey of small businesses in Rhode Island is planned, according to Jennifer Wood, Roberts’ chief of staff.
For more information about the tax credit, go to www.IRS.gov. •