FOR IMMEDIATE RELEASE
March 03, 2022
On March 3, 2022, members of Congress sent a letter to Nancy Pelosi, Speaker of the House; Charles Schumer, Majority Leader; Kevin McCarthy, Minority Leader; and Mitch McConnell, Minority Leader urging the passage of the Employee Retention Tax Credit Reinstatement Act (H.R. 6161 and S. 3625) (the “ERTC Reinstatement Act”).
The CARES Act Employee Retention Tax Credit (the “ERTC”) was originally available to eligible employers on wages paid from March 13, 2020 to December 31, 2020. Subsequent legislation extended the ERTC to December 31, 2021, however, on November 15, 2021, the President signed the $1 trillion bipartisan Infrastructure Bill into law which contained a provision eliminating the ERTC in the fourth (4th) quarter of 2021. The ERTC Reinstatement Act was introduced to Congress in December 2021 and, if passed, would reinstate the ERTC for fourth (4th) quarter of 2021 to help businesses recovery from the impact the COVID-19 pandemic has had on their business operations.
The letter notes that the ERTC was designed to help businesses affected by COVID to retain employees, rather than lay them off, or to enable businesses to rehire employees that were previously laid off. The letter also notes how the ERTC was one of the only remaining forms of aid available for businesses and nonprofits that continued to struggle due to the pandemic. Members of Congress who drafted the letter have urged the passage of the ERTC Reinstatement Act, which has the support of over 70 bipartisan cosponsors and over 70 endorsing organizations.
Synergi Partners continues to monitor this legislation and advocate for the passage of the ERTC Reinstatement Act.
To stay up to date on the latest legislative news, please follow Synergi Partners on social media:
About Synergi Partners
Comprised of tax credit veterans with 40 years of industry experience, Synergi specializes in helping employers take advantage of federal and state tax credit programs.