Senate Plans to End Business Tax Break That Few Companies Claimed
- Infrastructure bill would end break three months early
- Tax cut did not become popular among small business owners
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The bipartisan infrastructure bill would end a tax break Congress crafted to help businesses struggling during the pandemic but relatively few companies have claimed.
The employee retention tax credit, worth up to $28,000 per employee kept on the payroll in 2021, would end Sept. 30 under the legislation that the Senate is expected to pass this week. The House, however, is on recess until Sept. 20 and wouldn’t take up the bill until the fall.