S 28
Restaurant Revitalization Tax Credit Act
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- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
This bill, the Restaurant Revitalization Tax Credit Act, creates a tax credit for eligible restaurants impacted by the COVID-19 pandemic. Restaurants that meet specific criteria, including being established before March 2020 and lacking grant funding from the American Rescue Plan Act, can claim a credit against their payroll taxes up to 100% of wages paid, with a maximum of $25,000 per calendar quarter. The credit is partially refundable, with any excess amount refunded to the employer, subject to certain limitations based on employee count and prior refunds.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Benjamin L. Cardin
Cosponsors
Sherrod Brown
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