H.R.6629 - Patriot Bonus Tax Credit Act of 2020116th Congress (2019-2020) |
|Sponsor:||Rep. Huizenga, Bill [R-MI-2] (Introduced 04/28/2020)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 04/28/2020 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.6629 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (04/28/2020)
Patriot Bonus Tax Credit Act of 2020
This bill allows employers a employment tax credit for qualified bonuses paid to their employees after March 12, 2020, and before January 1, 2021. The credit is equal to 50% of such bonuses paid in a calendar quarter taking into account not more than $25,000 for any employee for all calendar quarters.
The bill defines qualified bonus as wages paid to an employee that include overtime or hazardous pay, supplemental payments made for the convenience of the employer, payments to retain staff at essential facilities, or other payments made to employees due to extraordinary businesses and economic conditions.