Small Biz Tax credit available for employee vaccination and recovery
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Small Biz Tax credit available for employee vaccination and recovery
To further incentivize vaccination, President Biden announced new employer tax credits for small businesses (less than 500 employees) who offer employees paid time off for vaccination and recovery. The credit is $511/day per employee for up to 10 workdays for time off taken between April 1 and September 30, 2021.
This tax credit is an expansion of the Federal Emergency FMLA, but it is no longer a mandate. In other words, employers can voluntarily offer paid time off for COVID related family and medical leave, including COVID vaccination related events, and claim tax credit and/or file for a refund when applicable.
Please review the Fact Sheet and the IRS’ press release for further details.