Buried in the $1 trillion bipartisan infrastructure bill released on August 1 are a series of measures intended to help pay for the bill.
Of greatest potential concern to IAAPA members is a provision that would move up the expiration date of the Employee Retention Tax Credit (ERTC) by one quarter, from December 31 to September 30, 2021.
We urge you to take a few minutes to contact your Senators and ask them to maintain the ERTC through 2021. Let your elected officials know that this valuable tax credit is critical for your business and employees, and should not be ended early.
Remember to contact members of congress both where you live and where your store is located.
- Sample Letter -
Thank you for your service to our community.
I'm writing as a constituent. On behalf of the hundreds of thousands of people who work in the professional drycleaning and laundry industry, I urge you to maintain the Employee Retention Tax Credit (ERTC) at least through the end of the year.
As a result of the pandemic, the drycleaning and laundry industry continues to experience painful losses and closures. My business is working hard this year to recover but the uncertainty surrounding covid remains, and workforce shortages have limited my ability to recover at a sustainable pace. With government restrictions ongoing, and the growing impact of the delta variant, my business will continue to suffer without the continuation of the ERTC.
Section 80604 of the infrastructure bill proposes to change the ERTC expiration date by one quarter, from December 31 to September 30, 2021. This program created by the CARES Act provides a refundable tax credit equal to up to $7,000 per employee per quarter. With the Paycheck Protection Program (PPP) closed, my business is relying on ERTC support to get through the fourth quarter. Ending it early would be unfair and devastating to my business.
I urge you to maintain the ERTC at least through the end of the year. Thank you for working with leadership to remove this harmful provision.
Thank you again for your service.