A bill to amend the Taxpayer Certainty and Disaster Tax Relief Act of 2020 to allow qualified tax-exempt organizations to claim the employee retention credit for employers affected by qualified disasters against Medicare hospital insurance taxes.

Bill: 118-s-3552
Sponsor: full_name: Sen. Kennedy, John [R-LA]
Introduced: 2023-12-14
Policy area: Taxation
Latest action: action_date: 2023-12-14
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2023-12-14
action_desc: Introduced in Senate
text: <p>This bill allows certain tax-exempt organizations to claim the employee retention tax credit for employers affected by qualified disasters against its Medicare hospital insurance tax liability.</p>

tv_txt: II 118th CONGRESS 1st Session S. 3552 IN THE SENATE OF THE UNITED STATES December 14, 2023 Mr. Kennedy introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Taxpayer Certainty and Disaster Tax Relief Act of 2020 to allow qualified tax-exempt organizations to claim the employee retention credit for employers affected by qualified disasters against Medicare hospital insurance taxes.

1. Credit against Medicare hospital insurance tax (a) In general Paragraph (1) of section 303(d) of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 is amended by striking tax imposed by section 3111(a) and inserting taxes imposed by subsections (a) and (b) of section 3111 . (b) Conforming amendment Subparagraph (A) of section 303(d)(3) of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 is amended by striking tax imposed by section 3111(a) and inserting taxes imposed by subsections (a) and (b) of section 3111 . (c) Transfers to trust funds Paragraph (5) of section 303(d) of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 is amended by inserting , the Federal Hospital Insurance Trust Fund established under section 1817 of such Act ( 42 U.S.C. 1395i ), after ( 42 U.S.C. 401 ) . (d) Effective date The amendments made by this section shall apply as if included in the enactment of section 303 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020.