Rather than face stiff fines for failing to provide a group health insurance plan for their employees, remodeling companies could soon have another option, thanks to the Small Business Health Care Relief Act. H.R. 5447, which passed the House in June, would let small businesses provide tax-preferred dollars through Health Reimbursement Arrangements for workers to pay health insurance premiums or other direct medical expenses.
Current IRS guidelines call for a fine of $100 per employee per day for noncomplying employers, as part of an effort to implement the Affordable Care Act. The National Association of the Remodeling Industry has been actively involved with a coalition that pushed for House passage. The bill has been placed on the Senate’s legislative calendar.