ARA pushes for restoration of Employee Retention Tax Credit

The American Rental Association (ARA) has joined 70 other organizations in supporting the legislation introduced in the U.S. Senate to restore the Employee Retention Tax Credit (ERTC).

The bipartisan Senate bill (S. 3625) was introduced by Senators Maggie Hassan (D-N.H.), Tim Scott (R-S.C.), Mark Warner (D-Va.), Shelly Moore Capito (R-W.Va.) and Ben Cardin (D-Md.).

“The Senate ERTC bill is the result of a concerted lobbying campaign by our coalition and follows the introduction of H.R. 6161 in the House along with lobbying aimed at the Biden administration on the ERTC issue” says John McClelland, Ph.D., ARA vice president for government affairs and chief economist.

The Employee Retention Tax Credit Reinstatement Act originated in the U.S. House of Representatives with U.S. Representatives Carol Miller (R-W.Va.), Kevin Hern (R-Okla.), Stephanie Murphy (D-Fla.) and Terri Sewell (D-Ala.) introducing H.R. 6161 in December.

The bill now boasts 54 bipartisan co-sponsors in the House. ARA has participated in a number of meetings with congressional staff to push for action to restore the ERTC after it was repealed as part of the Infrastructure Investment and Jobs Act, which was signed into law by President Biden last November.

“Given the continuing damage the coronavirus (COVID-19) is causing many small businesses throughout the nation, ARA is pursuing every opportunity to get relief to ARA members who continue to struggle as the pandemic drags on — especially our event rental members,” McClelland says.