Florida State Hispanic Chamber of Commerce Supports Extending the Enhanced Premium Tax Credits

The Florida State Hispanic Chamber of Commerce (FSHCC) announces it is urging Congress to extend the Enhanced Premium Tax Credits on individual Marketplace plans in 2025.

This federal policy priority is essential to protecting the health and economic security of Hispanic business owners, who make up one of the fastest-growing and most dynamic forces in Florida’s small business landscape.

As a part of its efforts, the FSHCC sent the following letter to Florida’s Congressional Delegation:

On behalf of the Florida State Hispanic Chamber of Commerce (FSHCC), representing more than 604,000 Hispanic-owned businesses across Florida, I urge your support for extending enhanced premium tax credits. 

Hispanic entrepreneurs and small business owners are among the fastest-growing segments of Florida’s economy, and affordable health coverage is critical to their success. Nationwide, 4.8 million Latino Americans selected Marketplace plans in 2024 – accounting for 29% of total enrollment and marking a 185% increase since 2020. This reflects a growing reliance on these tax credits among business owners, self-employed individuals, and working families. In Florida, over 600,000 entrepreneurs — more than any other state in the nation — depend on these tax credits to protect their businesses and employees.

If Congress fails to act, 970,000 Hispanic people could lose access to enhanced premium tax credits. Members of FSHCC, who contribute over $90 million annually to Florida’s economy, will be disproportionately impacted. Many will be forced to shift resources toward skyrocketing insurance premiums.

To illustrate the personal impact, consider a Florida couple in their early 60s earning $82,800 annually. Without the enhanced tax credits, their annual premiums could soar by more than $13,000. This increase would push thousands out of coverage, leading to higher uncompensated care costs that burden hospitals, businesses, and taxpayers.

If these credits expire, Florida risks losing more than 49,000 jobs, with our state’s GDP projected to decline by $5.5 billion by 2026.

The enhanced premium tax credits have provided Florida’s Hispanic business community with much-needed stability, empowering entrepreneurship and economic growth without the persistent fear of getting sick. By extending these tax credits, Congress would continue a proven, market-driven solution that strengthens our businesses and helps us sustain a productive workforce.

We welcome the opportunity to discuss this matter and provide more insights about its importance to Florida's Hispanic business community. 

Thank you for your leadership and commitment toward economic empowerment and the growth of Hispanic entrepreneurs.