Employee Retention Tax Credit Reinstatement Act

Bill: 117-s-3625
Sponsor: full_name: Sen. Hassan, Margaret Wood [D-NH]
Introduced: 2022-02-10
Policy area: Taxation
Subjects: Cardiovascular and respiratory health

Emergency medical services and trauma care

Employment taxes

Infectious and parasitic diseases

Wages and earnings
Latest action: action_date: 2022-02-10
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2022-02-10
action_desc: Introduced in Senate
text: <p><strong>Employee Retention Tax Credit Reinstatement Act</strong></p> <p>This bill provides for a reinstatement of the employee retention tax credit through 2021. The credit was established to compensate employers whose businesses were negatively impacted by the COVID-19 pandemic for wages paid to their employees.</p>

tv_txt: II 117th CONGRESS 2d Session S. 3625 IN THE SENATE OF THE UNITED STATES February 10, 2022 Ms. Hassan (for herself, Mr. Scott of South Carolina , Mr. Warner , Mrs. Capito , and Mr. Cardin ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to temporarily reinstate the employee retention credit for employers subject to closure due to COVID–19.

1. Short title This Act may be cited as the Employee Retention Tax Credit Reinstatement Act . 2. Temporary reinstatement of employee retention credit for employers subject to closure due to COVID–19 (a) In general Section 3134 of the Internal Revenue Code of 1986 (as amended by section 80604 of the Infrastructure Investment and Jobs Act) is amended— (1) in subsection (c)(5), by striking and at the end of subparagraph (A), by striking the period at the end of subparagraph (B) and inserting , and , and by adding at the end the following new subparagraph: (C) which, with respect to such calendar quarter, is not described in subclause (I) or (II) of paragraph (2)(A)(ii). , and (2) in subsection (n), by striking October 1, 2021 (or, in the case of wages paid an eligible employer which is a recovery startup business, January 1, 2022) and inserting January 1, 2022 . (b) Effective date The amendments made by this section shall apply to calendar quarters beginning after September 30, 2021.