The proposed Employee Retention Tax Credit, designed to reward employers for retaining their workforce, would allow for a tax credit up to $2,400 per employee.
(Florence, SC, November 21, 2018) – On November 15, 2018, Senators Richard Burr (R-NC), Thom Tillis (R-NC), Lindsey Graham (R-SC), Marco Rubio (R-FL), Bill Nelson (D-FL), Dianne Feinstein (D-CA), and Kamala Harris (D-CA) introduced S. 3648, the Hurricanes Florence and Michael and California Wildfire Tax Relief Act, to aid victims of recent natural disasters. This bill would provide an Employee Retention Tax Credit to eligible employers within disaster areas with several temporary tax benefits for individuals affected by Hurricane Florence, Hurricane Michael, and California Wildfires.
Qualifying businesses would be able to seek a retention tax credit for continuing to pay their employees during the timeframe that the business was impacted by the disasters. Employers may receive 40% of qualified wages (up to $6,000) for each eligible employee during the period the business became impacted by the hurricane(s) and / or wildfires up until the date the location resumed operations, or before January 1, 2019, whichever comes first.
“The historic hurricanes that hit Florida and the Carolinas this year devastated communities across the Southeast,” Senator Burr stated on his website, Richard Burr U.S. Senator for North Carolina. “Homes were destroyed, businesses swept away and savings wiped out. It is critical that Congress act quickly to provide tax relief for those still struggling to rebuild their lives and livelihoods. This legislation provides several important tax breaks for eligible individuals and businesses that will help lessen the burdens they face and allow them to rebuild their futures.”
“We have been closely tracking the progress of disaster relief legislation,” said Jim Brown, CEO Synergi Partners. “Our interactions with lawmakers ensures we will be on the forefront of helping businesses obtain relief though retention tax credits once the bill is signed into law.”
Please follow Synergi Partners at www.synergipartners.com for the latest disaster relief news. Contact us at (800) 992-0163 or email@example.com@synergipartners.com to speak with one of our tax credit specialists so we can help you prepare to file for this disaster tax credit relief.
You can read a copy of the bill here.
About Synergi Partners
Comprising of tax credit veterans with years of experience serving clients of all sizes and in virtually all industries, Synergi Partners specializes in helping employers take advantage of federal and state tax credit programs, as well as disaster relief incentives and research and development tax credits.
With an executive team made up of thought leaders who have made significant contributions to the incentives industry, Synergi Partners’ main goal is to provide the best service available to achieve maximum value for its clients.