ERTC Bill Introduced in the Senate

Earlier this month Senators Maggie Hassan (D-NH) and Tim Scott (R-SC) introduced legislation to reinstate the Employee Retention Tax Credit (ERTC) for the third quarter of 2021. Senators Mark Warner (D-VA), Shelley Moore Capito (R-WV) and Ben Cardin (D-MD) are cosponsors of the bill.

The Senate bill, S. 3625, joins an effort already underway in the House led by Rep. Carol Miller (R-WV), H.R. 6161, that has garnered 54 bipartisan cosponsors.

The ERTC became law in 2020 to encourage employers to keep workers employed during the pandemic by providing up to $7,000 per employee per quarter. It was scheduled to expire at the end of 2021, but Congress retroactively terminated the credit three months early to help pay for the bipartisan infrastructure bill.

“That decision made sense when the infrastructure bill was negotiated in the late spring of 2021 as vaccines became widely available and infections were on the decline,” Phillips Hinch, ICSC vice president, tax policy, said. “Subsequent COVID variants, however, prolonged the recovery and many businesses and tenants continued to rely on the ERTC for support.” 

ICSC is working with a coalition of businesses and non-profit organizations to build support for the reinstatement of the credit.

Click here to take action to support this effort. 

For more information contact Phillips Hinch at phinch@icsc.com.