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Bipartisan Senate Proposal to Restore Employee Retention Tax Credit Unveiled

Feb 10, 2022

Companion Legislation to Broadly Supported House Bill Signals Momentum on Key ASTA Priority

Alexandria, VA – The American Society of Travel Advisors (ASTA) is welcoming the Senate introduction today of the Employee Retention Tax Credit Reinstatement Act by Sens. Maggie Hassan (D-NH), Shelley Moore Capito (R-WV), Ben Cardin (D-MD), Tim Scott (R-SC) and Mark Warner (D-VA). The legislation would retroactively restore the Employee Retention Tax Credit (ERTC) for the fourth quarter of 2021.

“ASTA strongly supports the Employee Retention Tax Credit Reinstatement Act and commends Senators Hassan, Scott and all the original cosponsors for their leadership and for recognizing that, for many businesses, the pandemic is far from over,” said Zane Kerby, ASTA President & CEO. “We hope that Congressional leadership recognizes this as well and ensures that the next appropriate legislation moving through Congress incorporates this bill. Travel agencies and others who continue to be impacted by COVID were counting on this support in the 4th quarter of 2021 as they worked to bring back furloughed staff and start to rebuild their businesses. With Paycheck Protection Program funds having long since run dry and prospects for future relief uncertain, the ERTC is the only game in town for industries like travel that face a long COVID recovery window.”

The ERTC, created by the CARES Act and subsequently extended, provided a refundable tax credit of up to $7,000 per employee per quarter for businesses whose revenue has been reduced by at least 20 percent as compared to 2019. However, the Infrastructure Investment and Jobs Act enacted in November moved up the ERTC’s expiration date by one quarter, from December 31 to September 30, 2021. The House companion bill (H.R. 6161) was introduced in December by Reps. Carol Miller (R-WV), Stephanie Murphy (D-FL), Kevin Hern (R-OK) and Terri Sewell (D-AL), and currently enjoys 54 bipartisan cosponsors. ASTA members can contact their legislators to encourage support for this legislation through ASTA’s grassroots portal.

 

 

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ABOUT ASTA
Rebranded in 2018 as the American Society of Travel Advisors, ASTA is the leading global advocate for travel advisors, the travel industry and the traveling public. Its members represent 80 percent of all travel sold in the United States through the travel agency distribution channel. Together with hundreds of internationally-based members, ASTA’s history of industry advocacy traces back to its founding in 1931 when it launched with the mission to facilitate the business of selling travel through effective representation, shared knowledge and the enhancement of professionalism. For more information about the Society, visit our mission statement. Consumers can connect with an ASTA travel advisor at  TravelSense.org.

 

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American Society of Travel Advisors

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