The Importance of Enhanced Premium Tax Credits for Florida's Hispanic Entrepreneurs

The Florida State Hispanic Chamber of Commerce (FSHCC) is urging Congress to extend the Enhanced Premium Tax Credits on individual Marketplace plans in 2025, a critical policy priority for protecting the health and economic security of Florida’s Hispanic business owners.

Affordable Healthcare is Critical for Hispanic Entrepreneurs

Hispanic business owners are among the fastest-growing and most dynamic forces in Florida’s small business landscape, and access to affordable health coverage is essential to their success.

In 2024 alone, 4.8 million Latino Americans enrolled in Marketplace plans, representing 29% of total enrollment—a 185% increase since 2020. This reflects the growing reliance of business owners, the self-employed, and working families on these credits to maintain stability while building their businesses.

Florida leads the nation, with over 600,000 entrepreneurs depending on these tax credits to protect their businesses and employees.

The Risk of Inaction

If Congress fails to extend these credits, 970,000 Hispanic individuals could lose access to affordable coverage. Members of FSHCC, who contribute over $90 million annually to Florida’s economy, will be disproportionately impacted, forcing many to redirect funds toward skyrocketing premiums instead of growing their businesses.

For example, a Florida couple in their early 60s earning $82,800 could see their annual premiums increase by more than $13,000 if these credits expire—pushing many out of coverage and increasing uncompensated care costs for hospitals, businesses, and taxpayers.

Economic Consequences for Florida

The expiration of these credits would put over 49,000 Florida jobs at risk and reduce our state’s GDP by an estimated $5.5 billion by 2026.

A Market-Driven Solution for a Healthier Business Community

The enhanced premium tax credits have provided Florida’s Hispanic business community with much-needed stability, empowering entrepreneurs to grow without the constant fear of medical bankruptcy. By extending these credits, Congress can continue a proven, market-driven solution that supports businesses while strengthening Florida’s workforce.

FSHCC’s Commitment

As part of our advocacy, the Florida State Hispanic Chamber of Commerce has sent a letter to Florida’s Congressional Delegation urging their support in extending these tax credits for 2025. We welcome the opportunity to discuss this issue further with policymakers and stakeholders who share our commitment to the economic empowerment and health security of Hispanic entrepreneurs across Florida.