Rotarian, John Rawlinson introduces Guest Speaker, Greg Krauza

Greg Krauza, Development director for Chautauqua County Chamber of Commerce, talked about the effects of the Affordable Care Act in his presentation Health Care After 2014.

Introduced by Rotarian John Rawlinson, Krauza said premium tax credits, available since the 2010 tax year, allow small business owners to spend less on health insurance premiums so they can grow their business and hire new employees. Noted was businesses with fewer than 25 full-time employees who each have average wages of less than $50,000 will be eligible to receive up to a 35 percent tax credit now and 50 percent in 2014.

After presenting more details, Krauza described "how to claim the credit." It is claimed on the businesses' annual tax return by using the new Form 8941, and tax-exempt organizations can claim the tax credit on a revised Form 990-T.