Tax Credit by Karla Hopkins, CPA
For most, taking
care of our health is just as important as saving money on taxes. To support this, the Massachusetts Department
of Public Health has created an annual tax credit (up to $10,000 per year) equal
to 25% of the costs associated with implementing an employer-sponsored
certified wellness program.
The
employer's wellness program must provide for things such as:
· A work environment that supports
physical and mental health
· A process for identifying and addressing
specific needs and health risks of
employees
· Offering awareness and education programs for
health information
· Offering behavior and change programs for the
employees seeking to change their lifestyle.
The program
must be certified by the Massachusetts Department of Public Health in advance
of filing for the tax credit. The
business must have fewer than 200 employees.
The business must offer health
benefits to its employees and not have recent OSHA violations.
A minimum of
33% of the employees must participate in at least one element of the wellness
program to qualify for the credit.
This credit
is available for 2013 through 2017 on an annual basis and employers must submit
their plan for approval each year to be eligible for the credit. Preference for approval is given to employers
with fewer than 100 employees.
The
following link provides detailed information on the process for creating a
qualifying plan. In a day where taxes
are taking more and more of company profits and employee disposable income,
this may be one way to become a healthy company both physically and financially.
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