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Tax Credits Introduced to Businesses Who Reopen

Yesterday, Senate and House Republicans introduced a bill giving businesses refundable tax credits against their payroll taxes in order to help support expenses related to reopening their businesses.
The Healthy Workplaces Tax Credit Act offers a refundable tax credit against payroll taxes for 50 percent of the costs incurred by a business for increased testing, personal protective equipment, disinfecting, extra cleaning and reconfiguring work spaces to adhere to social distancing guidelines.

This Tax Credit would be limited to a maximum of $1,000 per employee for a business’s first 500 employees, $750 per employee for the next 500 employees, and $500 for each employee thereafter in recognition of the disproportionate impacts of COVID-19 on small- and medium-sized businesses. The bill would encourage and enable businesses to take the recommended steps to prevent the spread of COVID-19 in their workplaces.

This bill could potentially be passed later this week when lawmakers are expected to meet in Washington D.C. IF Republicans and Democrats can agree on this last round of coronavirus relief legislation.

Stay tuned for the outcome hopefully later this week.

If you have any additional questions, contact Ceschini CPAs at 877.474.3747.