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On December 7, 2021, Representatives Stephanie Murphy (D-Fla.), Carol Miller (R-W.Va.), Kevin Hern (R-Okla.), and Terri Sewell (D-Ala.) introduced the Employee Retention Tax Credit (ERTC) Reinstatement Act (the “ERTC Reinstatement Act”). The ERTC Reinstatement Act seeks to reinstate the CARES Act ERTC for the fourth (4th) quarter of 2021 which was recently removed with the passage of the Infrastructure Bill.

Synergi Partners, Inc. (“Synergi”) closely monitored the proposed change to the ERTC legislation prior to the passage of the Infrastructure Bill. The introduction of the ERTC Reinstatement Act is an important step towards reinstatement of the ERTC in the fourth (4th) quarter of 2021 and has support from key members of Congress.

Synergi continues to work with congressional leaders to restore the ERTC in the fourth (4th) quarter of 2021 so employers still impacted by COVID-19 can continue to receive much needed relief.

Please see the below link for a press release from Representative Murphy for additional information and commentary from the proponents of the ERTC Reinstatement Act:

Murphy, Miller, Hern, and Sewell Introduce Bipartisan Legislation to Help Small Businesses Rehire Workers | U.S. Representative Stephanie Murphy (house.gov)

Background:

Congress enacted the CARES Act on March 27, 2020 to address the negative economic impact of the COVID-19 pandemic in the United States. Within the CARES Act, Congress created the Employee Retention Credit (“ERTC”), a fully refundable payroll tax credit, to provide aid to employers impacted by the COVID-19 pandemic. The legislative intent of the ERTC was to provide relief by freeing up cash flow for employers experiencing significantly diminished receipts or other limitations on their business operations as a result of the COVID-19 pandemic, thereby enabling them to retain and pay their employees.

The ERTC was originally available to eligible employers from March 13, 2020 to December 31, 2020, and subsequent legislation extended the ERTC to December 31, 2021. However, on Friday, November 5, 2021, the House passed a $1 trillion bipartisan Infrastructure Bill which contained a provision eliminating the ERTC in the fourth (4th) quarter of 2021. This Infrastructure Bill was signed by President Biden on November 15, 2021.

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, as well as disaster relief incentives.

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