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S. 3625 - Employee Retention Tax Credit Reinstatement Act

UNDATED

S. 3625; Employee Retention Tax Credit Reinstatement Act

UNDATED
DOCUMENT ATTRIBUTES
  • Authors
    Hassan, Sen. Maggie
  • Institutional Authors
    U.S. Senate
  • Code Sections
  • Subject Areas/Tax Topics
  • Jurisdictions
  • Tax Analysts Document Number
    2022-4675
  • Tax Analysts Electronic Citation
    2022 TNTF 29-7
    2022 EOR 3-30
  • Magazine Citation
    The Exempt Organization Tax Review, Mar. 2022, p. 144
    89 Exempt Org. Tax Rev. 144 (2022)
Citations: S. 3625; Employee Retention Tax Credit Reinstatement Act

117TH CONGRESS
2D SESSION

S. 3625

To amend the Internal Revenue Code of 1986 to temporarily reinstate
the employee retention credit for employers subject to closure due to COVID-19.

IN THE SENATE OF THE UNITED STATES

FEBRUARY 10, 2022

Ms. HASSAN (for herself, Mr. SCOTT of South Carolina, Mr. WARNER, Mrs. CAPITO, and Mr. CARDIN) introduced the following bill; which was read twice and referred to the Committee on _____

A BILL

To amend the Internal Revenue Code of 1986 to temporarily reinstate the employee retention credit for employers subject to closure due to COVID-19.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the "Employee Retention Tax Credit Reinstatement Act".

SEC. 2. TEMPORARY REINSTATEMENT OF EMPLOYEE RETENTION CREDIT FOR EMPLOYERS SUBJECT TO CLOSURE DUE TO COVID-19.

(a) IN GENERAL. — Section 3134 of the Internal Revenue Code of 1986 (as amended by section 80604 of the Infrastructure Investment and Jobs Act) is amended —

(1) in subsection (c)(5), by striking "and" at the end of subparagraph (A), by striking the period at the end of subparagraph (B) and inserting ", and", and by adding at the end the following new subparagraph:

"(C) which, with respect to such calendar quarter, is not described in subclause (I) or (II) of paragraph (2)(A)(ii).", and

(2) in subsection (n), by striking "October 1, 2021 (or, in the case of wages paid an eligible employer which is a recovery startup business, January 1, 2022)" and inserting "January 1, 2022".

(b) EFFECTIVE DATE. — The amendments made by this section shall apply to calendar quarters beginning after September 30, 2021.

DOCUMENT ATTRIBUTES
  • Authors
    Hassan, Sen. Maggie
  • Institutional Authors
    U.S. Senate
  • Code Sections
  • Subject Areas/Tax Topics
  • Jurisdictions
  • Tax Analysts Document Number
    2022-4675
  • Tax Analysts Electronic Citation
    2022 TNTF 29-7
    2022 EOR 3-30
  • Magazine Citation
    The Exempt Organization Tax Review, Mar. 2022, p. 144
    89 Exempt Org. Tax Rev. 144 (2022)
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