Update on COVID-19 Relief
As the country moves into a new phase of the vaccination effort – one where all adults are eligible for vaccinations – we at the US Commercial Service want to ensure that you are aware of a new tax credit that President Biden announced today. The new paid leave tax credit will offset the cost for employers with fewer than 500 employees to provide full pay for when their employees get a COVID-19 vaccination or recover from that vaccination.
This tax credit will apply to nearly half of all private sector employees in America. The Internal Revenue Service posted a fact sheet to educate employers on how to claim the paid sick leave credit on their quarterly tax filings.
For more details on how the paid leave tax credits from the American Rescue Plan will work for employers to enable employees to get vaccinated and recover from after-effects of vaccination, as well as for other purposes, please review additional information from the Department of the Treasury.
Our thoughts are with you and the global business community, and we remain firmly committed to serving the needs of U.S. exporters like you through a variety of virtual export services. We will continue to evaluate options to ensure we can deliver on the objectives of our mission, and that we consider the safety of all parties involved.