Bipartisan legislation introduced by Reps. Stephanie Murphy and John Katko in support of H.R. 6776, JOBS Credit Act, to improve and enhance the Employee Retention Tax Credit (ERTC) program.
The JOBS Credit Act would include a number of policy enhancements, such as:
An expansion of the credit percentage from 50 percent to 80 percent of qualified wages;
An increase of the per-employee limitation from $10,000 for all calendar quarters to $15,000 per calendar quarter (and an aggregate of $45,000 for all calendar quarters);
A phased-in credit, which will allow employers with more than a 20 percent decline in gross receipts to be eligible for a portion of the credit; and
Improved coordination between the ERTC and the Paycheck Protection Program so employers can be eligible for both programs, but with guardrails in place to prevent “double dipping.”