AMARILLO, TX -- President Obama's health care reform is already affecting small businesses in the panhandle. The President said the small business health care tax credit helps with the cost of covering employees.
"Two weeks ago, four million small business owners and organizations found a postcard in their mail box informing them they could be eligable for a health care tax cut this year, a tax cut potentially worth ten of thousands of dollars," said President Obama.
We spoke with a handful of businesses Tuesday, none of them actually received those postcards President Obama was referring to -- but they've all heard of the idea -- including sage oil vac.
That business employs about 25 full time workers and manufactures products for on-site oil handling and maintenance. Over the past few years, its health premiums went up, and the coverage was not as good.
But now, the company's COO said, this new tax credit will offset the cost of the health care premiums, and give better coverage to employees. "This will allow us to keep our deductible the same and keep the same coverage that we've had, but allow us to get a tax credit for it," said Aaron Sage, the COO of Sage Oil Vac.
Even though Sage said the credit is good for business, as a taxpayer, he's concerned when it comes to federal spending.
"But when I remove myself from the business I'm troubled what it can do from a spending standpoint I realize Obama is saying it's going to reduce the defect and reduce the amount that we spend on health care as a whole, but as an outsider looking in, but knowing all the details i'm somewhat skeptical," Sage continued.
The credit is worth up to 35% of a small business premium costs. Even if you don't receive a postcard, your business still may be eligible.
To see if yours qualifies, you can click the link at the bottom of this story.
