Form 8941 is the result of new
legislation from the Patient Protection and Affordable Care Act.
Form 8941 allows a small business to claim a tax credit for a
percentage of the health insurance premiums paid by the employer.
The tax credit becomes effective in 2010. Form 8941 is required by
the employers as a way to claim the credit. The IRS will also need
the form to gather information and process the tax credit.
Section 1421 of the
Patient Protection and Affordable Care Act, PL 111-148, allows
qualified small employers to elect, beginning in 2010, a tax credit
for 50% of their employee health care coverage expenses. Form 8941,
Credit for Small Employer Health Insurance Premiums, has been
developed to help employers compute the tax credit. The credit is
designed to encourage small employers to offer health insurance
coverage for the first time or maintain coverage they already have.
We have solicited comments through various public notification
cards and public notice. We will also issue a new 60-day FRN once
the final form is released to the public. In 2010, the credit is
generally available to small employers that contribute an amount
equivalent to at least half the cost of single coverage towards
buying health insurance for their employees. Based on the feedback
from the general public, there is a strong desire to see and
understand the form and filing requirements as quickly as possible.
Failure to make this form available to the public prior to the 2010
filing season could result in an adverse financial impact on the
taxpaying public and hinder the mission of the IRS.
Section 1421 of the Patient
Protection and Affordable Care Act, PL 111-148, allows qualified
small employers to elect, beginning in 2010, a tax credit for 50%
of their employee health care coverage expenses. Form 8941, Credit
for Small Employer Health Insurance Premiums, has been developed to
help employers compute the tax credit. The credit is designed to
encourage small employers to offer health insurance coverage for
the first time or maintain coverage they already have. The creation
of this new form will result in an increase in total burden by
40,189,456 hours and 3,046,964 estimated responses.
$15,000
No
No
Yes
No
No
Uncollected
Neal Dickman 2026225013
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
Form 8941 - Credit for Small Employer Health Insurance Premiums