Key Tax Credits in the Senate’s Coronavirus Relief Package
OMA Connections Partners RSM has published this helpful summary of the U.S. Senate Republicans’ $1 trillion coronavirus relief package introduced this week. The following provisions, which did not receive much media attention, are included in the bill:
A significant expansion of the employee retention credit;
A new hiring incentive to target workers who lost their jobs due to the pandemic;
A new payroll tax credit to give employers a 50% credit for expenses incurred for PPE, cleaning supplies, and other various workplace safety expenses;
A tax credit to encourage the manufacturing of designated types of PPE; and
A provision under which the business meal deduction would be temporarily increased from 50% to 100% for food or beverage expenses provided by a restaurant.