Source: United States Senator for West Virginia Shelley Moore Capito
WASHINGTON, D.C. — U.S. Senator Shelley Moore Capito (R-W.Va.) and a bipartisan group of her colleagues today introduced the Employee Retention Tax Credit Reinstatement Act, legislation to reinstate critical tax relief for businesses in West Virginia and across the country.
The Employee Retention Tax Credit, which helps to cover costs for small employers who experienced revenue drops and kept workers on payroll, ended after the third quarter of 2021.
The Employee Retention Tax Credit Reinstatement Act would enable small businesses and nonprofits who kept workers on payroll in the fourth quarter of 2021 to claim this tax credit.
“Reinstating the Employee Retention Tax Credit retroactively for the fourth quarter of 2021 will reduce the burden for West Virginia small businesses and non-profits who were relying on the full use of the credit as originally intended by Congress,” Senator Capito said. “I’m proud to join my colleagues in introducing this legislation that will provide needed certainty for our small business owners across West Virginia.”
Along with Senator Capito, the bill’s authors, U.S. Senators Maggie Hassan (D-N.H.) and Tim Scott (R-S.C.), are joined by cosponsors Mark Warner (D-Va.) and Ben Cardin (D-Md.).
To read the bill text for the Employee Retention Tax Credit Reinstatement Act click here.
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