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Infrastructure Bill Includes Termination of Employee Retention Tax Credit

Infrastructure Bill Includes Termination of Employee Retention Tax Credit

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The Infrastructure Investment and Jobs Act (IIAJ), expected to be signed by President Joe Biden next week, will retroactively terminate the employer retention tax credit so that it will not apply to wages paid after September 30, 2021 (originally scheduled to apply to wages paid through December 31, 2021), except for wages paid by employers that qualify as recovery startup businesses.  

These businesses are subject to a maximum total credit of $100,000 for 2021 ($50,000 for the third quarter and $50,000 for the fourth quarter):

If you have any questions about whether you are eligible to claim the credit for the fourth quarter of 2021 or otherwise, please contact one of the attorneys in Gould & Ratner’s Tax Planning Practice.

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