Summary: S.477 — 117th Congress (2021-2022)All Information (Except Text)

There is one summary for S.477. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (02/25/2021)

Hospitality and Commerce Job Recovery Act of 2021

This bill extends existing and establishes new tax credits that assist the hospitality and restaurant industry. Specifically, it

  • allows a convention and trade show restart tax credit;
  • extends the employee retention tax credit through 2021;
  • suspends for taxable years 2021 through 2022, the limitation on entertainment expenses related to a trade or business,
  • allows a restaurant and dining restart credit for businesses closed or forced to reduce services due to COVID-19 (i.e., coronavirus disease 2019);
  • allows a 50% tax credit for travel expenditures; and
  • allows a tax credit for unmerchantable inventory for the period between December 31, 2019, and before April 1, 2021.