S 5079
ERTC Repeal Act of 2024
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Bill overview
The ERTC Repeal Act of 2024 aims to strengthen enforcement regarding the Employee Retention Tax Credit (ERTC). It increases penalties for individuals and companies assisting others to misrepresent their tax liability related to the ERTC, extends the time for tax authorities to assess ERTC claims, and sets a deadline of January 31, 2024, for filing ERTC claims. The bill also clarifies definitions and expands the scope of what constitutes a ‘COVID-ERTC promoter’ and related documents.
Sponsors
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Primary sponsor
Mitt Romney
Cosponsors
Joe, III Manchin
Thomas Tillis
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