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FIRST ON FOX: A bipartisan group of lawmakers seeks to extend tax breaks for small businesses during the coronavirus pandemic.
The Employee Retention Tax Credit (ERTC), which was included in last year’s coronavirus relief package, was set up to encourage companies to retain employees in the face of economic pressures associated with the pandemic. It was supposed to extend into the fourth quarter of this year, but the Infrastructure Investment and Jobs Act later didn’t allow it.
CORONAVIRUS RELIEF: WHAT YOU SHOULD KNOW ABOUT TAX CREDIT FOR EMPLOYEE RESERVATION
The Employee Withholding Tax Credit Reintegration Act would restore ERTC for this quarter to restore “safety” to small businesses, according to Carol Miller, RW.Va., MP, who introduced the bill on Tuesday.
“I am pleased to be able to guide my Ways and Means colleagues in introducing the Employee Withholding Tax Credit Reintroduction Act,” said Miller.
UNITED STATES – APRIL 2: Rep. Carol Miller, RW.Va., takes her seat ahead of the House Oversight and Reform Committee’s serve of a resolution to issue subpoenas related to security clearance and the 2020 census on Tuesday, A., begins
“By reinstating the ERTC, troubled small businesses can access one of the last remaining pandemic recovery programs to get the help they need to replenish their workforce and get back on track. As we continue to recover from this public health emergency, we need to remember. ”Small businesses in West Virginia and across the country still need our support. I urge the leaders of Congress and President Biden to get our bill into effect as soon as possible to give these companies and employees the security they need. “
Rep. Stephanie Murphy, a Democrat from Florida, listens during a business meeting of the Special Committee to Investigate the January 6 attack on the U.S. Capitol in Washington, DC, the United States, on Tuesday, October 19, 2021. Photographer: Sarah Si (Getty Images)
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Representatives Stephanie Murphy, D-Fla., Kevin Hern, R-Okla., And Terri Sewell, D-Ala., Help support the legislation. According to Miller’s office, many small businesses face retroactive taxation as they continued to draw on the loan in the fourth quarter.
Under the loan, companies can qualify as “recovery startups” or “severely troubled employers,” which require that they have experienced a year-over-year decline in gross income of at least 90% in any given quarter.