Bipartisan legislation has been introduced in the Senate this week to restore the Employee Retention Tax Credit (ERTC), which was retroactively ended last November. Argentum strongly supports this legislation to help address the nation’s caregiving workforce challenges, along with H.R. 6530, the SENIOR Act, which would provide new grants to bolster the nation’s caregiving workforce.
The ERTC is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. It provides a potential of up to $26,000 credit per employee.
The credit was enacted as part of the CARES Act (March 2020), expanded in December 2020, and extended as part of the American Rescue Plan Act (March 2021) to run through the end of 2021. However, it was included as a pay-for in the bipartisan Infrastructure Investment and Jobs Act (enacted last November), which retroactively ended the credit early on September 30. Unfortunately, many employers had already taken the credit into the fourth quarter and may face a tax increase for a credit that will need to be forfeited.
Argentum issued a press release in support of S. 3625, introduced this week by Senators Maggie Hassan (D-NH), Tim Scott (R-SC), Mark Warner (D-VA), Shelly Moore Capito (R-WV) and Ben Cardin (D-MD). It is companion legislation to H.R. 6161 introduced in December by Representatives Carol Miller (R-WV), Stephanie Murphy (D-FL), Kevin Hern (R-OK), and Terri Sewell (D-AL). These bills would reinstate the ERTC through the end of 2021 to alleviate the retroactive tax increase. Argentum President and CEO James Balda noted:
“Argentum strongly supports the Employee Retention Tax Credit Reinstatement Act to restore this lifeline as originally intended and ensure that providers can continue to focus on delivering quality care to those that it need it most. We commend Sens. Hassan, Scott, Warner, Capito, and Cardin for their efforts to support our nation’s senior living workers and businesses.”
Argentum is actively working with lawmakers to restore the credit and ensure that eligible senior living providers do not face unanticipated crippling tax burdens, particularly with compounding financial and workforce challenges.
Take action: Send a pre-written message to your member of Congress and Senators urging them to support the ERTC Reinstatement Act.
Take action: Send a pre-written message to your member of Congress urging them to support the SENIOR Act.
