Provides a tax credit for businesses that pay wages for employee health insurance premiums.
Allows eligible businesses to claim a tax credit of up to $400 per qualifying employee for wages paid towards health insurance premiums. An eligible business is defined as one that employs individuals for at least 35 hours a week and whose wages are subject to withholding. The total credit allowed cannot exceed $5 million annually. Businesses must apply for the credit by submitting an application to the Department of Revenue, which will review and tentatively approve applications on a first-come, first-served basis.
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