Malliotakis Urges Businesses to File for Employee Retention Tax Credit Before Potential January 31 Deadline

(WASHINGTON, DC) - Congresswoman Nicole Malliotakis (NY-11), a member of the House Committee on Ways and Means, Congress' chief tax writing committee, is urging businesses in New York's 11th Congressional District to file for the Employee Retention Tax Credit (ERTC) before January 31, 2024, citing potential changes to the tax code in the new bipartisan tax framework. 

"Under the new bipartisan tax framework being negotiated by House and Senate financial leaders, the Employee Retention Tax Credit will be removed from the tax code. Because of this, all ERTC claims must be filed before January 31, 2024, as Congress is hoping to pass the tax package before the current tax season begins. I encourage all of our local businesses to take advantage of this credit before it expires to offset any outstanding payroll costs due to the COVID-19 pandemic." 

The $80 billion in savings from the ERTC being discontinued will be used to extend key provisions of the 2017 Tax Cuts and Jobs Act that have expired, including research and development expensing, interest deductibility, 100% expensing for investments in facilities, equipment and machines, as well as enhancing the Child Tax Credit for working families.

The Employee Retention Tax Credit (ERTC) is a refundable tax credit for certain eligible businesses and tax-exempt organizations that had employees and were affected during the COVID-19 pandemic. The requirements are different depending on the time period for which the credit is claimed. The ERTC is not available to individuals.