TGA Again Urges Congress to Expand Employee Retention Tax Credit

TGA Again Urges Congress to Expand Employee Retention Tax Credit

On June 17, TGA again joined over 100 other organizations in urging Congressional leadership to approve the bipartisan JOBS Credit Act (H.R. 6776). The legislation would expand the employee retention tax credit (ERTC) by expanding the credit percentage from 50% to 80% of qualified wages; increasing the per-employee limitation from $10,000 for all calendar quarters to $15,000 per calendar quarter (and an aggregate of $45,000 for all calendar quarters); and creating a phased-in credit, which will allow employers with more than a 20% decline in gross receipts to be eligible for a portion of the credit.