3.0.0 5079 2025-12-05T08:29:49Z 2025-12-05T08:29:49Z Senate S S 2024-09-18 118 https://www.congress.gov/bill/118th-congress/senate-bill/5079 ssfi00 Finance Committee Senate Standing Referred To 2024-09-18T15:22:45Z 118 7024 HR 2024-08-01 Motion by Senator Schumer to reconsider the vote by which cloture on the motion to proceed to the measure was not invoked (Record Vote No. 230) made in Senate. Related bill CRS 118 9738 HR 2024-09-20 Referred to the House Committee on Ways and Means. Related bill CRS 2024-09-18 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2024-09-18 Introduced in Senate IntroReferral 10000 9 Library of Congress R000615 Sen. Romney, Mitt [R-UT] Mitt Romney R UT N M001183 Sen. Manchin, Joe, III [I-WV] Joseph Manchin I WV 2024-09-18 True T000476 Sen. Tillis, Thomas [R-NC] Thomas Tillis R NC Roland 2024-09-18 True Taxation Taxation 2024-11-05T14:38:48Z

00 2024-09-18 Introduced in Senate 2024-11-27T19:29:02Z <p><strong>ERTC Repeal Act of 2024</strong></p><p>This bill increases the penalty for aiding and abetting the understatement of tax liability with respect to the employee retention tax credit (ERTC) by a COVID-ERTC promoter, extends the time period for assessing and collecting tax attributable to the understatement, and disallows the ERTC after January 31, 2024.</p><p>Under the bill, a COVID-ERTC&nbsp;promoter may be liable for the greater of $200,000 ($10,000 for a natural person), or 75% of the amount derived from the aid, advice, or assistance related to a COVID-ERTC&nbsp;document that understates a taxpayer’s tax liability. Under current law, the penalty for knowingly aiding and abetting in the understatement of tax liability is $1,000 for an individual return or $10,000 for a corporate return.</p><p>The bill defines a <em>COVID-ERTC promoter</em> as any individual, trust, estate, partnership, association, company, or corporation that provides aid, assistance, or advice related to a COVID-ERTC document for a contingency fee and with gross receipts derived from providing aid, assistance, or advice related to a COVID-ERTC document exceeding a specified threshold.&nbsp;</p><p>A <em>COVID-ERTC document</em> is any return, affidavit, claim, or other document associated with a ERTC claim related to COVID.</p><p>The bill extends the time period for assessing and collecting any tax liability associated with an understatement of tax liability related to the ERTC from five to six years.</p><p>Finally, under this bill, claims for the ERTC related to COVID must be filed on or before January 31, 2024.&nbsp;</p>

Display Title 45 2024-09-25T02:53:17Z Short Title(s) as Introduced 101 2024-09-25T02:53:16Z Introduced in Senate IS Official Title as Introduced 6 2024-09-25T02:48:24Z Introduced in Senate IS Introduced in Senate 2024-09-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118s5079is/xml/BILLS-118s5079is.xml 2024-09-18 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.