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Supreme Court Upholds 2010 Health Care Law - Part One

In a 5 to 4 decision, the Supreme Court ruled on June 28 that most of the Patient Protection and Affordable Care Act of 2010 was constitutional. Chief Justice John Roberts wrote the majority opinion that rejected the individual insurance mandate under the commerce clause of the Constitution, but upheld it as part of Congress's power to tax.

With the tax provisions in the 2010 health care laws staggered over a multi-year time frame, it's not always easy to remember what's in effect now and what will become effective later. Here's an overview of the status of selected provisions:

  • Health insurance credit

This general business credit began in 2010, and remains available. For 2012, when your business employs fewer than 25 full-time equivalent employees with an average annual wage of less than $50,000, and you pay at least one-half of health insurance coverage costs, you can claim a credit for up to 35% of your premiums. After 2013, the credit increases to 50%.

  • W-2 disclosure

Health coverage benefits you provide to employees are reportable on Form W-2. Exception: Pending further IRS guidance, reporting is optional for employers filing fewer than 250 W-2s.

  • Information reporting to corporations.

The requirement to provide Form 1099 to corporations from whom you purchased property or services of more than $600 was repealed by a law in 2011 and has not been reinstated. (The 1099 reporting requirement for rental property owners was also repealed by the 2011 law.)

Come back to read Part Two of the Supreme Court Uphold 2010 Health Care Law.

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