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Daily Tax Report: State

U.S. Starts Employee Retention Credit for Virus-Hit Businesses

March 31, 2020, 6:53 PM

Treasury Dept and IRS today launch Employee Retention Credit to encourage businesses to keep workers on their payroll, with a 50% refundable tax credit of up to $10,000 in wages.

  • State and local governments and small businesses who take Small Business Loans are not eligible, according to Treasury statement

To contact the reporter on this story:
Ben Livesey in San Francisco at blivesey@bloomberg.net

To contact the editors responsible for this story:
Kasia Klimasinska at kklimasinska@bloomberg.net

Megan Howard, Ben Livesey

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