This month's issue is jam-packed full of information on some of the coming healthcare law changes, new energy grants that are soon to be released and steps your company can take to safeguard itself against risk when exporting your products and/or services. 

Before we get to this month's edition, here are some of the recent headlines you may have missed:

-          The Jackson Group acquires a Greensboro-based research and consulting firm

-          Zenith Global Logistics continues to grow, adding a new freight hub in Atlanta

-          Auto parts maker to add jobs in Caldwell and Catawba Counties

-          Nexterra will construct first of its kind biomass-fueled power system at the Eco-complex

 
Finally, the Board and staff of the EDC would like to congratulate EDC President Scott Millar on his recognition as 2009 NC Economic Developer of the Year from the NC Economic Developer's Association (NCEDA).  Scott was chosen as the Economic Developer of the Year by his peers for the tremendous contributions he made to Catawba County and North Carolina this past year.  The annual award recognizes an individual who has provided outstanding leadership in economic development both inside and outside of his or her organization.  Great job, Scott!

 
In case you missed last month's edition or want to catch up on previous issues, you can always visit the Industry Pulse archives.

Healthcare Legislation - Changes Year by Year

President Obama signed the Patient Protection and Affordable Care Act in the spring of this year, and the legislation includes many changes that have already been implemented and others that will go into effect as late as 2018.  Below are several of the more relevant changes to business that will occur over the next 2 years - for a complete list of the changes through 2018, Committee of 100 seatholder, Martin Starnes and Associates provides this useful table.
 
Changes taking effect in 2010:

1.       New Health Insurance Credit for Small Employers -
Qualifying small employers can claim a new credit that can cover up to 35 percent of the cost of providing health insurance to employees.
 
A qualifying small employer is one that: has no more than 24 full-time-equivalent (FTE) workers; pays an average FTE wage of less than $50,000; and has a qualifying healthcare arrangement in place.  A qualifying arrangement requires employers to: pay at least 50 percent of the cost of each enrolled employee's coverage and pay the same percentage for all employees (even those with more-expensive family coverage or self-plus-one coverage).
 
2.       Healthcare Related Tax Breaks Granted for Adult Children -
Effective for plan years beginning after September 22, 2010, health plans that cover dependent children must continue to cover adult children until they turn 26 (plans may allow to voluntarily provide such coverage before that).
 
In conjunction, employer-provided health coverage for an employee's adult child is now treated as a tax-free fringe benefit as long as the child has not reached age 27 by the end of the year. It does not matter if the adult child is the employee's dependent or not.
 
The IRS has stated that tax-free treatment also applies to reimbursements from an employer-provided cafeteria plan, healthcare flexible spending account (FSA) plan, or health reimbursement arrangement (HRA) to cover an under-age 27 adult child's qualified medical expenses.
 
Changes taking effect in 2011:
1.       Employer Must Report Healthcare Costs on W-2 Forms -
Requires employers to report to employees on their annual W-2 forms the value of employer-provided health insurance coverage (not including salary-reduction amounts contributed to healthcare flexible spending accounts).
 
2.       No More Tax Free Reimbursements for Non-Prescription Drugs -
If you participate in an employer-sponsored healthcare FSA or HRA or have your own health savings account (HSA) or medical savings account (MSA), current rules allow you to take tax-free withdrawals to pay for non-prescription drugs like pain and allergy relief medications. Starting next year, this tax-favored treatment will only be available for prescription drugs, insulin, and doctor-prescribed over-the-counter medications.
 
A majority of the changes occur in taxable years 2012 - 2014 and can be found at the table provided here.  As always, be sure to discuss any changes with your tax advisor.

Green Jobs Workshop and Training Grants

As part of its ongoing commitment to established businesses and their existing workers in the local area and to support economic recovery, the 15 county, Future Forward Workforce Alliance has received a State Energy Sector Partnership Grant that can help provide training subsidies for energy sector businesses. This grant will focus on training for the following specific energy industry sectors: Renewable Energies, Energy Efficiency, Green Construction, and Deconstruction and reuse of materials.
 
The FFWA is targeting two primary groups of workers for this training: dislocated and unemployed workers; employees of existing businesses who need to update their skills to meet the demand for green construction and retrofitting.
 
If you are interested in learning more about this funding opportunity, as well as helping the Future Forward Workforce Alliance to expand the conversation on environmental initiatives in our region, please register to attend the Champions for Green consortium on July 23rd, at 9:30am at Caldwell Community College & Technical Institute in Hudson. This conversation will be facilitated by David Waechter, Sustainable Technology Coordinator/Instructor at CCC&TI.

Committee of 100 Spotlight  

Cargo Transporters, Inc. is a trucking operation with intrastate and interstate common and contract authority based in Claremont.  Providing service in the 48 continental United States, CT Group specializes in truckload dry van freight with an emphasis on long term contracts with shippers and servicing those customers who require time definite or just-in-time (JIT) service.
 
Cargo Transporters, Inc., a United States EPA Certified Smartway Transporter, operates a fleet of over 390 tractors and 1200 trailers, utilizing some of the most advanced systems of communications including interactive internet applications, electronic data interchange (EDI), Qualcomm's T2 trailer tracking system and Qualcomm's mobile computing systems. Customers may access the status of their shipments, retrieve, view and print Proofs of Delivery, and send Rate Requests to CT Group via their online tools.
 
If your company is looking to outsource your transportation and is in search of a quality, third-party logistics supplier, please be sure to consider Cargo Transporters, Inc.
 
The Catawba County EDC would like to thank Cargo Transporters, Inc. for their continued commitment to our county as a member of the Committee of 100.