NRMCA Supports Expansion of Employee Retention Tax Credit
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NRMCA champion Rep. John Katko (R-NY) is leading legislation with Rep. Stephanie Murphy (D-FL) to expand the Employee Retention Tax Credit (ERTC). As NRMCA Government Affairs reported in early April, the credit was first included in the CARES Act to provide additional liquidity and relief to businesses that are significantly impacted by COVID-19. H.R. 6776, the Jumpstarting Our Businesses’ Success (JOBS) Credit Act of 2020, modifies the ERTC by increasing the value of the credit, making it easier for employers to qualify for the credit, clarifying that health benefits are included in the calculation of wages, and making modifications to allow employers to be eligible for both the ERTC and Paycheck Protection Program loans, among other modifications.
NRMCA strongly supported the inclusion of the ERTC in the CARES Act and the expansion of the ERTC, and has joined a broad coalition of business interests in support of H.R. 6776. NRMCA recommends that members consult their tax professional to determine whether they are eligible for the ERTC and will keep members apprised of the developments of this legislation.
Click here for more information on H.R. 6776 or contact Andrew Tyrrell at atyrrell@nrmca.org.
