NEW SMALL BUSINESS & NONPROFIT TAX CREDIT FOR VACCINATION SUPPORT

The White House published “NEW SMALL BUSINESS & NONPROFIT TAX CREDIT FOR VACCINATION SUPPORT”

President Biden has announced that the country will hit 200 million shots administered in his first 100 days.

As the country moves into a new phase of the vaccination effort – one where all adults are eligible for vaccinations — President Biden is calling on every employer in America to offer full pay to their employees for time off needed to get vaccinated and for time it takes to recover from the after-effects of vaccination.

We know organizations – including trade associations, businesses, unions, and nonprofits — across America are already stepping up.

Please fill out this form and tell us how your organization is stepping up to support COVID vaccinations.

As part of this effort, the President also announced a new paid leave tax credit that will offset the cost for employers with fewer than 500 employees to provide full pay for any time their employees need to get a COVID-19 vaccination or recover from that vaccination.

This tax credit will apply to nearly half of all private sector employees in America. And today, the Internal Revenue Service will release and post a fact sheet to educate employers on how to claim the paid sick leave credit on their quarterly tax filings. For more details on how the paid leave tax credits from the American Rescue Plan will work for employers to enable employees to get vaccinated and recover from after-effects of vaccination, as well as for other purposes, please consult this upcoming document from the Department of the Treasury.

 

For additional details, visit: http://go.usa.gov/xHXTn.

 

Source: