Tax Credit for Restaurants: Payroll Relief for Pandemic-Affected Businesses
This law establishes a temporary, partially refundable payroll tax credit for certain restaurants and similar entities impacted by the COVID-19 pandemic. The relief targets employers who applied for a specific federal grant but did not receive funds due to a lack of funding. The credit applies to wages paid during the 2023 calendar year.
Key points
Eligible employers can claim a tax credit equal to 100% of wages paid, with the wages taken into account limited to $25,000 per calendar quarter.
The aid targets businesses that applied for a grant under the American Rescue Plan Act (RRF) but received no funding due to the program running out of money.
To qualify, the business must demonstrate that gross receipts in 2020 or 2021 were less than 50% of 2019 receipts (or averaged less than 70%).
Status:
Expired
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