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Senator Seward and Assemblyman Morelle have joined forces on a
bill that would provide health insurance tax credits for small businesses
and expand the range of options a small business would have when
purchasing health insurance coverage for their workers.
(S.
6332 / A. 10251) would create a 43 percent tax credit that,
when combined with the existing health insurance tax deduction,
would result in an effective tax credit of 50 percent for health
insurance costs. The new credit would be available to businesses
with 50 or fewer employees and with earned net income of $29,000
or less.
The bill would also:
- Authorize insurers and HMOs to offer "Freedom Policies," which
would have higher deductibles and which would be coupled with
new health savings accounts (HSA's). HSAs are accounts to which
individuals can contribute pre-tax income to cover health-care
expenses.
- Expand participation in the Healthy New York program. Healthy
New York is a state program that allows small businesses that
offer no health insurance to offer more affordable insurance,
with costs shared by the employer and its employees.
The bill has over two dozen sponsors in each house.
Sponsors for A.10251 include Schimminger, Canestrari, Norman, Ortiz,
O`Donnell, Cahill, Bradley, Cymbrowitz, Koon, Lavelle, Seddio, Hikind,
John, Perry, Benjamin, Colton, Delmonte, Destito, L.Diaz, Gordon,
Gromack, Higgins, Magee, Pheffer, Robinson, Sidikman, Wright.
Sponsors for S.6332 include Bruno, Rath, Alesi, Bonacic, Farley,
Flanagan, Fuschillo, Hoffmann, Johnson, Kuhl, Larkin, Leibell, Little,
Maziarz, Mcgee, Meier, Mende Morahan, Nozzolio, Robach, Saland,
Skelos, Trunzo, Volker, Wright, Alesi, Bonacic.
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