The bipartisan Senate infrastructure bill would eliminate a pandemic-related business tax exemption three months earlier than planned.
The funds received by the federal government as a result of the termination of the tax break will go toward roads, bridges, public transport, waterway and other infrastructure projects across the country, CNBC reported. The so-called employee retention credit currently enables businesses to receive a tax credit worth 50% of each employee’s qualified wages, capped at a maximum of $7,000 per employee per quarter.
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