- Budget Development
- Financial Statements
- Capital Budget
- Appropriation Recommendations
- Agency Information
- Operating Transfers
- Local Aid - Section 3
- Outside Sections
- Tax Expenditure Budget
- Appendix A
- Appendix D
1.616 -Employer Wellness Program Tax Credit
|1.616||Employer Wellness Program Tax Credit
The 2012 Health Care Act establishes an Employer Wellness Program Tax Credit that is effective for tax years beginning on or after January 1, 2013 and is set to expire on December 31, 2017. The Employer Wellness Program Tax Credit was created to provide incentives for business to recognize the benefits of wellness programs with the goal of providing smaller businesses with an expanded opportunity to implement these programs. The credit is available to both chapter 62 and chapter 63 taxpayers (personal income taxpayers and corporate & business excise taxpayers).
The Department of Public Health will administer the credit program by: 1) determining standards for an Employer Wellness Program that will qualify for the credit; 2) approving a dollar amount of credit for a qualifying taxpayer and issue a certificate to be filed with the appropriate tax return; 3) by developing regulations and procedures with the Department of Revenue to implement the credit program. A business will apply to the Department of Public Health describing the proposed wellness program to be implemented by the business and providing an estimated budget and applicable taxpayer identification number.
The credit is set at 25 percent of the costs associated with implementing a "certified wellness program." The maximum amount of Employer Wellness Program Credits available to a taxpayer is $10,000 in any tax year. The total amount of Employer Wellness Program Credits authorized by the Department of Public Health is subject to a $15,000,000 annual cap starting calendar year 2013. The Employer Wellness Program Tax Credit is non-refundable and non-transferrable. However, the portion of the Employer Wellness Program Tax Credit that exceeds the tax for the taxable year may be carried forward and applied against such taxpayer's tax liability in any of the succeeding 5 taxable years.
Origin: St. 2012, c. 224, S. 41, 41A, 56, 56A, 238, 239, 297, and 298. M.G.L. c. 62, S. 6N; M.G.L. c. 63, S. 38FF.
|IRC||Federal Internal Revenue Code (26 U.S.C.)|
|U.S.C||United States Code|
|M.G.L.||Massachusetts General Laws|
|Rev. Rul.; C.B.||Revenue Ruling; Cumulative Bulletin of the U.S. Treasury|
|ESTIMATES||All estimates are in $ millions.|
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