Disaster Relief Act would provide tax relief to businesses impacted by Iowa derecho, the wildfires in California and Oregon and Hurricanes Laura and Isais
News from Washington: Senate Finance Committee Chairman Chuck Grassley (R-Iowa) and Sen. Joni Ernst (R-Iowa) continued their efforts to provide support for Iowans impacted by the August derecho that devastated parts of the state. The Iowa senators introduced a bipartisan bill with Sens. Dianne Feinstein (D-Calif.), Bill Cassidy (R-La.) and John Kennedy (R-La.) to provide tax relief to the individuals, families and small businesses in Presidentially declared disaster areas, including those impacted by the Iowa derecho, the wildfires in California and Oregon and Hurricanes Laura and Isaias.
“The derecho devastated Iowa’s economy just as it was beginning to recover from the pandemic. Iowans will undoubtedly overcome these hardships just as they always do, but they also deserve help.” Grassley said. “This bipartisan legislation will allow Iowans to keep more of their own hard-earned money to get back on their feet and rebuild after the historic storm. Congress should pass this bill before the 2021 tax filing season begins so that families, farmers and businesses have enough time to use this relief for a swift recovery.”
“As our nation continues to combat the coronavirus, Iowans in many of our counties have been faced with another challenge: recovering from the devastating derecho,” Ernst said. “I’ve been on the ground to meet with folks and assist where I can.
While the administration has helped provide assistance, we should provide our families, communities, and businesses more relief by getting rid of burdensome taxes and penalties, and that’s what this commonsense, bipartisan bill would do.”
The Disaster Tax Relief Act of 2020 provides tax relief for individuals and businesses in Presidentially declared disaster areas for major disasters declared on or after July 1, 2020, through the period ending 60 days after the date of enactment.
Among other provisions, the bill will provide a tax credit for employee retention during business interruption.
“Similar to legislation signed by the President in December 2019, businesses who retained employees would be eligible for the Employee Retention Credit,” said Jim Brown CEO Synergi Partners. “The credit is up to $2,400 per employee and is designed to provide relief and assist companies with financial recovery. Historically this credit has been invaluable to companies of all sizes with employment in Federally designated areas. Our Clients have benefited from credits ranging from tens of thousands to millions of dollars, depending on impact time frames and other variables. Our mission is to help companies maximize the credits according to regulations and capture the full value of these programs.”
Synergi Partners is monitoring legislation closely and we are prepared to assist you in claiming these much needed and valuable credits. In the meantime, if you have any questions, please don’t hesitate to reach out us at 843-519-0808.