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Oregon Small Business Healthcare Tax Credit

If you’re wondering about small group healthcare tax credits, we’ve got answers. Recently Cover Oregon updated us on how small businesses can apply for tax credits – since the Cover Oregon website can’t process them directly.

Here’s a summary of how it all works:

Applying for a small business tax credit

Originally, the small business healthcare tax credit was for groups who purchased insurance through theSmall Business Health Options Program (SHOP) . Since SHOP isn’t available on the state or Federal marketplaces, Cover Oregon created a new process for small businesses to apply for tax credits. Just follow these steps to apply:

  1. Be sure  your group qualifies. Businesses that have less than 25 employees, pay average annual wages at or below $50,000, contribute at least 50% of employee only premiums, and enroll in a Cover Oregon-certified health plan are eligible. See the attached eligibility PDF for more details.
  2. You will need to complete the attached renewal form (for both new and renewing groups) and email it to your carrier.   We can assist you with this!
  3. Apply for the tax credit. After Cover Oregon hears from the carrier and confirms your group’s eligibility, they’ll mail an Eligibility Notice to you, your agent and your Health Plan. The business can then share the notice with their tax professional and apply for the small business tax credit.
  4. File with yearly taxes. At the end of the year, the carrier will send you a premium report for the small business tax credit.

To help you out, we’ve attached a couple of documents for you.

They include:

  1. Cover Oregon-certified qualified medical plans PDF. Use this information to complete the SERF “Plan ID” on the renewal form. Remember, in order for you to be eligible for the small business health care tax credit, you must be enrolled in a 2014 qualified health plan from this list.
  2. Small business tax credit eligibility PDF.This flyer provides a high-level process overview for a you.

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