Employee Retention Tax Credit Reinstatement Act

Senate Bill 3625 - Employee Retention Tax Credit Reinstatement Act: Overview, Status, and Impact

Hozzl · 2022-12-29T21:18:18Z

Explore the details of Senate Bill 3625 Employee Retention Tax Credit Reinstatement Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/29/2022, 9:18 PM

Congressional Summary of S 3625

Employee Retention Tax Credit Reinstatement Act

This bill provides for a reinstatement of the employee retention tax credit through 2021. The credit was established to compensate employers whose businesses were negatively impacted by the COVID-19 pandemic for wages paid to their employees.

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Current Status of Bill S 3625

Bill S 3625 is currently in the status of Bill Introduced since February 10, 2022. Bill S 3625 was introduced during Congress 117 and was introduced to the Senate on February 10, 2022. Bill S 3625's most recent activity was Read twice and referred to the Committee on Finance. as of February 10, 2022

Bipartisan Support of Bill S 3625

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3625

Primary Policy Focus

Taxation

Potential Impact Areas

- Cardiovascular and respiratory health

- Emergency medical services and trauma care

- Employment taxes

- Infectious and parasitic diseases

- Wages and earnings

Alternate Title(s) of Bill S 3625

Employee Retention Tax Credit Reinstatement Act

A bill to amend the Internal Revenue Code of 1986 to temporarily reinstate the employee retention credit for employers subject to closure due to COVID-19.