By Ben Gann, NLBMDA Vice President of Legislative & Political Affairs
As part of President Obama's health care reform bill passed in 2010, the Affordable Care Act (ACA) created a new tax on a type of health care plan offered by many small businesses, including lumber dealers. The health insurance tax (HIT) is levied against companies offering fully-insured plans that is then passed on to employers and employees in the form of higher premiums.
The HIT first took effect in 2014 and was $8 billion. For 2015 and 2016, the tax is $11.3 billion annually. Read more