A bill to amend the CARES Act and the Internal Revenue Code of 1986 to modify the treatment of related individuals under the employee retention tax credit.

Bill: 117-s-2936
Sponsor: full_name: Sen. Cassidy, Bill [R-LA]
Introduced: 2021-10-05
Policy area: Taxation
Subjects: Employment taxes

Wages and earnings
Latest action: action_date: 2021-10-05
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2021-10-05
action_desc: Introduced in Senate
text: <p>This bill modifies the employee retention tax credit (the credit for payment of wages of employees in businesses adversely affected by COVID-19) to eliminate stock attribution rules for individuals related to a taxpayer.</p>

tv_txt: II 117th CONGRESS 1st Session S. 2936 IN THE SENATE OF THE UNITED STATES October 5, 2021 Mr. Cassidy introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the CARES Act and the Internal Revenue Code of 1986 to modify the treatment of related individuals under the employee retention tax credit.

1. Treatment of related individuals under employee retention tax credit (a) Amendments to CARES Act (1) In general Section 2301(e) of the Coronavirus Aid, Relief, and Economic Security Act is amended by inserting (applied without regard to the phrase (determined with the application of section 267(c)) in subparagraph (A) thereof) after 51(i)(1) . (2) Effective date The amendment made by this subsection shall apply to wages paid after March 12, 2020. (b) Amendment to Internal Revenue Code of 1986 (1) In general Section 3134(e) of the Internal Revenue Code of 1986 is amended by inserting (applied without regard to the phrase (determined with the application of section 267(c)) in subparagraph (A) thereof) after 51(i)(1) . (2) Effective date The amendment made by this subsection shall apply to wages paid after June 30, 2021.