S. 3625, Employee Retention Tax Credit Reinstatement Act
Summary
S. 3625, the Employee Retention Tax Credit Reinstatement Act, is a bill introduced in the Senate on February 10, 2022 by Ms. Hassan and referred to the Committee on Finance. Its stated purpose is to amend the Internal Revenue Code of 1986 to temporarily reinstate the employee retention credit for employers subject to closure due to COVID–19. Section 2 amends section 3134 of the Internal Revenue Code of 1986 (as amended by section 80604 of the Infrastructure Investment and Jobs Act). The amendments apply to calendar quarters beginning after September 30, 2021.
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“S. 3625, Employee Retention Tax Credit Reinstatement Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-117s3625is-bills-117s3625is/
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II
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 Finance
A BILL
To amend the Internal Revenue Code of 1986 to temporarily
reinstate the employee retention credit for employers sub-
ject to closure due to COVID–19.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Employee Retention
5 Tax Credit Reinstatement Act’’.
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1 SEC. 2. TEMPORARY REINSTATEMENT OF EMPLOYEE RE-
2 TENTION CREDIT FOR EMPLOYERS SUBJECT
3 TO CLOSURE DUE TO COVID–19.
4 (a) IN GENERAL.—Section 3134 of the Internal Rev-
5 enue Code of 1986 (as amended by section 80604 of the
6 Infrastructure Investment and Jobs Act) is amended—
7 (1) in subsection (c)(5), by striking ‘‘and’’ at
8 the end of subparagraph (A), by striking the period
9 at the end of subparagraph (B) and inserting ‘‘,
10 and’’, and by adding at the end the following new
11 subparagraph:
12 ‘‘(C) which, with respect to such calendar
13 quarter, is not described in subclause (I) or (II)
14 of paragraph (2)(A)(ii).’’, and
15 (2) in subsection (n), by striking ‘‘October 1,
16 2021 (or, in the case of wages paid an eligible em-
17 ployer which is a recovery startup business, January
18 1, 2022)’’ and inserting ‘‘January 1, 2022’’.
19 (b) EFFECTIVE DATE.—The amendments made by
20 this section shall apply to calendar quarters beginning
21 after September 30, 2021.
Æ
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