Connecticut Proposes $1K Tax Credit for Small Businesses
Hartford News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Connecticut Governor Ned Lamont introduces a new tax credit to support small businesses offering health benefits. The plan, targeting companies with fewer than fifty workers, encourages adoption of Individual Coverage Health Reimbursement Arrangements (ICHRAs). Eligible businesses can claim up to $1,000 per covered employee against state taxes, with a statewide cap of $5 million per year. The credit applies only in the first two years of adopting an ICHRA. This initiative aims to address the reduced health insurance choices for small businesses, as major carriers have exited the small group market, leaving only Anthem and UnitedHealthcare. Connecticuts proposed credit is the largest in the country at $1,000 per employee. The Human Services Committee will hold a public hearing on this bill Tuesday at 11 a.m. in Hartford.
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