Lawmakers introduce Employee Retention Tax Credit Reinstatement Act, upholding commitment to small businesses
Source NAMA
The National Automatic Merchandising Association today commended U.S. Reps. Carol Miller (R-WV), Kevin Hern (R-OK), Stephanie Murphy (D-FL) and Terri A. Sewell (D-AL) for introduction of the Employee Retention Tax Credit Reinstatement Act.
According to the association, the bipartisan bill is a direct result of "NAMA’s unflagging advocacy for preservation of the tax credit." That effort was mobilized in November when more than 100 representatives of the convenience services industry met with members of Congress.
“NAMA applauds the introduction of legislation to restore the Employee Retention Tax Credit (ERTC) and the bipartisan leadership of Reps. Carol Miller, Kevin Hern, Stephanie Murphy and Terri A. Sewell,” said NAMA president and chief executive Carla Balakgie
“Preserving the full year allowance of ERTC has been NAMA’s No. 1 priority since the Senate Infrastructure Bill first put it in jeopardy," Balakgie continued. "It’s a prime reason why more than 100 NAMA members traveled to Washington in November to meet with Members of Congress and asked them to keep their commitment to the convenience services industry.”
This legislation would preserve tax relief funds previously set aside by Congress to offset a small portion of employee wages in fourth quarter of 2021, which is about $193 million for the convenience services industry. Access to these funds was cut during infrastructure funding negotiations.
One of the few financial safety nets available to the convenience services industry, ERTC was a vital lifeline to these small businesses. Even with ERTC assistance, NAMA estimates that nearly one in three (28.7%) convenience services industry jobs has been lost due to the COVID-19 pandemic.
