Independent Sector: Tell Congress: Restore Key Nonprofit Tax Credit
Nonprofit organizations are still missing nearly half a million jobs because of the pandemic, meaning lost paychecks for families and unmet needs for communities nationwide. With the Build Back Better Act stalled in Congress, will legislators take this opportunity to restore a key tax credit for nonprofits?
Since its enactment last year, the Employee Retention Tax Credit (ERTC) has helped nonprofits rebuild and continue to deliver critical services. Unfortunately, this much-needed assistance was retroactively disallowed for the fourth quarter of 2021, leaving many organizations with difficult budget decisions and a complex administrative burden.
Take 1 Minute to Tell Congress: Protect Nonprofit Jobs and Reinstate the ERTC Today
Independent Sector joins other nonprofit and for-profit organizations in supporting bipartisan legislation in the House of Representatives, the Employee Retention Tax Credit Reinstatement Act, which would restore the ERTC for the fourth quarter of 2021. We also urge Congress to clarify key parameters of the credit for nonprofits and to extend it further.