American Rescue Plan: New Details on Tax Benefits

May 6, 2021

Thanks to Senator Shaheen’s office, NHADEC has some new information on benefits available to businesses under the American Rescue Plan:

  • The IRS has released additional details for the Paid Leave Tax Credits made available under the American Rescue Plan. Eligible employers with 500 or fewer employees can receive tax credits for providing paid time off for each employee receiving the vaccine and for time need to recover from the vaccine. More information can be found here.
  • Updated PPP tax deduction safe harbor announcement. Certain taxpayers who received a first-round Paycheck Protection Program (PPP) loan but did not deduct eligible expenses due to previous renditions of guidance prior to Dec 27, 2020, may elect to deduct in the immediate subsequent tax year rather than on an amended return. You can read more about this change here. You should work with your SBDC Advisor to ensure that you are taking advantage of the different tax credits available to your business.

As always, NHADEC will be making sure to bring you all the latest information on the American Rescue Plan and how you can take advantage of the benefits you and your business deserve. Be sure to stay tuned for more information!