FOR IMMEDIATE RELEASE
January 25, 2022
Florence, SC – On January 19, 2022, a number of nonprofits and trade associations sent a letter in support of the Employee Retention Tax Credit Reinstatement Act (H.R. 6161) (the “ERTC Reinstatement Act”) to President Biden and certain Congressional leaders.
The CARES Act Employee Retention Tax Credit (the “ERTC”) was originally available to eligible employers 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 fourth (4th) quarter of 2021.
The letter notes that many employers were relying on the ERTC to retain employees and urges Congress to reinstate the fourth (4th) quarter of the ERTC to aid businesses that continue to be negatively impacted by the COVID-19 pandemic.
Synergi Partners has been actively advocating for the passage of this legislation. Currently, the ERTC Reinstatement Act has nearly 40 bipartisan cosponsors and over 50 endorsing organizations.
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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.