Yesterday Senate Finance Committee Chairman Chuck Grassley (R-IA) and ranking member Ron Wyden (D-OR) introduced a bill to extend 29 expired tax credit programs, including the Federal Empowerment Zones (FEZ) and the Indian Employment Credit (IEC). In addition, the bill proposes disaster tax relief provisions, including the employee retention tax credit, for employers impacted by many of last year’s natural disasters.
While speaking on the Senate floor, Grassley lamented the ongoing need to extend expired tax provisions saying, “While we still need to break the cycle of repetitive short-term extensions, the right thing to do right now is extend these already-expired provisions for 2018 and 2019.”
We at First Advantage will continue to monitor the progression of this bill, and keep you informed on its progress. If you have any questions on this bill, FEZ, IEC, Disaster Relief, or other tax credit programs, please contact your First Advantage Tax Account Manager or your legal counsel.