117 S3625 IS: Employee Retention Tax Credit Reinstatement Act U.S. Senate 2022-02-10 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.

II117th CONGRESS2d SessionS. 3625IN THE SENATE OF THE UNITED STATESFebruary 10, 2022Ms. 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 FinanceA BILLTo amend the Internal Revenue Code of 1986 to temporarily reinstate the employee retention credit for employers subject to closure due to COVID–19.

1.

Short title

This Act may be cited as the Employee Retention Tax Credit Reinstatement Act.

2.

Temporary reinstatement of employee retention credit for employers subject to closure due to COVID–19

(a)

In general

Section 3134 of the Internal Revenue Code of 1986 (as amended by section 80604 of the Infrastructure Investment and Jobs Act) is amended—(1)in subsection (c)(5), by striking and at the end of subparagraph (A), by striking the period at the end of subparagraph (B) and inserting , and, and by adding at the end the following new subparagraph:(C)which, with respect to such calendar quarter, is not described in subclause (I) or (II) of paragraph (2)(A)(ii)., and(2)in subsection (n), by striking October 1, 2021 (or, in the case of wages paid an eligible employer which is a recovery startup business, January 1, 2022) and inserting January 1, 2022.(b)

Effective date

The amendments made by this section shall apply to calendar quarters beginning after September 30, 2021.