Limbaugh doesn't let "damn convoluted language" stop him from ...

by ZP & AHS

LIMBAUGH: From the new House bill. I've got a couple of passages from it here, the thing Pelosi announced today. It's -- I wanna read it to you just to show you what we're going to be dealing with. Now, as I go through this, it -- this section I'm gonna read part of, it looks like small businesses are gonna lose their tax breaks for health coverage.

Limbaugh explains he doesn't really understand what he's reading: "[I]t's hard to tell from the damn convoluted language." Immediately after claiming small businesses are going to lose their tax breaks, Limbaugh said: "Right now, small business gets a tax break for providing health coverage. It's gonna be -- it looks like it's gonna be phased out in two years. But it's hard to tell from the damn convoluted language."

Section creates a "credit for small business employee health coverage expenses." The section of the version of the health care bill that Limbaugh cited, Section 521 of Division A, would add an additional small business tax credit for health coverage to the Internal Revenue Code; it would not take a tax credit away. An employer could take that tax credit for a maximum of two years. From the bill :

"(a) IN GENERAL.--For purposes of section 38, in the case of a qualified small employer, the small business employee health coverage credit determined under this section for the taxable year is an amount equal to the applicable percentage of the qualified employee health coverage expenses of such employer for such taxable year.

[...]

"(c) LIMITATIONS.--

[...]

"(3) CREDIT ALLOWED FOR ONLY 2 TAXABLE YEARS.--No credit shall be determined under subsection (a) with respect to any employer for any taxable year unless the employer elects to have this section apply for such taxable year. An employer may elect the application of this section with respect to not more than 2 taxable years.

Read more...