Health Care Credits

[ralphbama]

The new health care credit for small employers is for tax years beginning after 123109.
What about the fiscal year corporations who had health care in 2010 ( a 6/30/10 fy)

Do we get these credits later or tough luck?

Please advise.

[Maribeth]

The new health care credit for small employers is for tax years beginning after 123109.
What about the fiscal year corporations who had health care in 2010 ( a 6/30/10 fy)

Do we get these credits later or tough luck?

Please advise.

The provision is effective for taxable years begining AFTER December 31, 2009. Your fiscal year taxpayer's fiscal year began 7/1/2009. Therefore, your taxpayer cannot take the credit on the 2009 tax return.

Maribeth