Uphill climb seen for employment tax credit in omnibus talks
Lawmakers on both sides of the aisle want to restore a pandemic-era tax break for small businesses and nonprofits as part of a massive spending bill taking shape, after Congress stripped the benefit away for the final months of 2021.
But with the fast-moving fiscal 2022 omnibus package likely to pass as soon as next week, putting the repealed employee retention tax credit back in place seems like an elusive goal, at least for now.
“The congressional leadership is looking at including bipartisan tax provisions in the omnibus bill,” Dean Zerbe, a former Republican Senate Finance panel aide, said in an email. “However, at the moment, reinstating the fourth quarter of the employee retention credit is on the outside looking in.”
A pandemic relief measure with sustained bipartisan backing, the employee retention tax credit was originally set to expire at the end of 2021.
https://www.msn.com/en-us/news/politics/uphill-climb-seen-for-employment-tax-credit-in-omnibus-talks/ar-AAUJCCM