ERTC Repeal Act of 2024

Summary

ERTC Repeal Act of 2024 This bill increases the penalty for aiding and abetting the understatement of tax liability with respect to the employee retention tax credit (ERTC) by a COVID-ERTC promoter, extends the time period for assessing and collecting tax attributable to the understatement, and disallows the ERTC after January 31, 2024. Under the bill, a COVID-ERTC promoter may be liable for the greater of $200,000 ($10,000 for a natural person), or 75% of the amount derived from the aid, advice, or assistance related to a COVID-ERTC document that understates a taxpayer’s tax liability. Under current law, the penalty for knowingly aiding and abetting in the understatement of tax liability is $1,000 for an individual return or $10,000 for a corporate return. The bill defines a COVID-ERTC promoter as any individual, trust, estate, partnership, association, company, or corporation that provides aid, assistance, or advice related to a COVID-ERTC document for a contingency fee and with gross receipts derived from providing aid, assistance, or advice related to a COVID-ERTC document exceeding a specified threshold.  A COVID-ERTC document is any return, affidavit, claim, or other document associated with a ERTC claim related to COVID. The bill extends the time period for assessing and collecting any tax liability associated with an understatement of tax liability related to the ERTC from five to six years. Finally, under this bill, claims for the ERTC related to COVID must be filed on or before January 31, 2024. 

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Timeline

1. 18 September 2024

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 18 September 2024

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 18 September 2024 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 18 September 2024

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 18 September 2024

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 18 September 2024

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  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Romney, Mitt [R-UT] · R · Sponsor
• Sen. Manchin, Joe, III [D-WV] · I · Sponsor
• Sen. Tillis, Thomas [R-NC] · R · Sponsor
• · ssfi00 · Standing

Related records

• related to → Tax Relief for American Families and Workers Act of 2024