The employee retention credit was rescinded for the fourth quarter of 2021, under the Infrastructure Investment and Jobs Act signed Nov. 15 by President Joe Biden.
Under the measure (Pub. L. 117-58, Title VI, Sec. 80604), the credit may only be applied to qualified wages paid before Oct. 1, 2021, generally removing the original applicability for wages paid from Oct. 1, 2021, to Dec. 31, 2021.
However, employers that are eligible recovery startup businesses still may apply the credit to wages paid after June 30, 2021, and before Jan. 1, 2022, the measure said.
Recovery startup businesses are ...
(The Lion) — A Senate Democrat has proposed a bill to repeal the federal Education Freedom Tax Credit, which passed in President Donald Trump’s budget bill last year. Sen. Mark Kelly, D-Arizona, m...