HR 9574
Restaurant Revitalization Tax Credit Act
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- Passed House
- Passed Senate
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- Became Law
Bill overview
This bill, the Restaurant Revitalization Tax Credit Act, aims to provide financial relief to restaurants impacted by the COVID-19 pandemic. It allows eligible restaurants to claim a tax credit against their payroll taxes, up to $25,000 per calendar quarter, for wages paid to employees. The credit is partially refundable, with any excess amount refunded to the employer, and is subject to certain limitations and eligibility requirements based on gross receipts and establishment date.
Sponsors
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Primary sponsor
Earl Blumenauer
Cosponsors
Dean Phillips
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