Nonprofits Continue to Press for ERTC Restoration
Organizations are seeking a retroactive ERTC extension for Q4 2021
Business and nonprofit leaders continue to meet with lawmakers to urge support for a retroactive extension of the Employee Retention Tax Credit (ERTC) for the fourth quarter of 2021 in year-end tax legislation.
ASAE is part of a large and diverse coalition of associations and nonprofit organizations supporting the Employee Retention Tax Credit Reinstatement Act (S. 3625), introduced earlier this year by Sens. Maggie Hassan (D-NH), Tim Scott (R-SC), Mark Warner (D-VA), Shelly Moore Capito (R-WV) and Ben Cardin (D-MD).
The ERTC was created by the CARES Act in 2020 to help companies and nonprofit organizations keep employees on payroll during the COVID-19 pandemic. Though it was set to run through 2021, Congress ended the ERTC early to help defray some of the costs of last year’s bipartisan infrastructure legislation.
The coalition of organizations supporting the ERTC reinstatement bill is spearheaded by the National Automatic Merchandising Association (NAMA) and includes the American Society of Association Executives (ASAE), NFIB, the International Franchise Association, National Restaurant Association, Independent Sector, National Council of Nonprofits and numerous other organizations.
This article was provided to OSAP by ASAE's Power of Associations and Inroads.