Healthcare Industry News > Alabama Governor to Propose Tax Credits for Health Insurance Purchasing

Alabama Governor to Propose Tax Credits for Health Insurance Purchasing

Alabama Governor Bob Riley believes his plan to provide tax credits for health insurance to small businesses wouldn't only encourage more business owners to provide coverage for their workers but would also stimulate the economy. Under his proposal, small business owners and employees could deduct 200 percent of their health insurance premiums on their taxes. He plans to introduce the proposal in February 2008 when the next session begins.

The plan was introduced last year but it failed to pass. This year the economic situation in the state looks bleaker and Riley is calling for action now so the economy can be improved before the following year. He argues that because 80% of the job growth in the state will come from small businesses they need a way to encourage those businesses to come to and stay in Alabama. Businesses can also benefit because being able to offer health insurance may allow them to hold onto employees which can reduce turnover costs and relax labor demands in tight markets.

Although the plan would cost $12 to $15 million, Riley is confident the state would see much larger amounts being pumped into the economy.

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