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Federal Law Updates | Oct 09, 2017

New Employer Credit for Hurricane Affected Areas

New Employer Credit for Hurricane Affected Areas

Take Advantage of Government Tax Credits for Retaining Employees

On September 29, 2017 the President signed into law the Disaster Tax Relief and Airport and Airway Extension Act of 2017. This law was designed to provide tax credit relief to victims of Hurricanes Harvey, Irma, and Maria.

Eligible employers may receive an employee retention credit of 40 percent of up to $6,000 in wages.

Employee Retention Tax Credit Details

One of the provisions is an employee retention credit of 40 percent of up to $6,000 in wages paid by an “eligible employer.” An eligible employer is defined as one which became inoperable anytime from the date of the hurricane to January 1, 2018. The wages must be paid to an “eligible employees,” which is defined as an individual whose place of work for such employer was in the disaster area.

States that Qualify for the Tax Credit

The employee retention credit applies to parts of Alabama, Florida, Georgia, South Carolina, Texas and all municipalities in Puerto Rico.

Contact MyHRConcierge For Additional Information

If you have employees in the states above and need additional information, please contact MyHRConcierge at (855) 538-6947 ext 108 or ccooley@myhrconcierge.com.

The HR and business professionals at MyHRConcierge are here to respond to your questions and concerns, and keep small to medium-sized businesses compliant with federal and state labor laws. Delivering personal service to our Partners and Clients is the heart and soul of our business.