If you run a restaurant or bar, this one's for you.......
The US Senate and House have each apparantly introduced bills to provide a federal income tax credit for any business that qualified for an RRF grant, but didn't get funded. See below link.
The amounts are substantial: up to $100k of tax credits in 2023
The tax credit is available to eligible employers who applied for the Restaurant Revitalization Fund in 2021 but did not receive funding, to offset payroll taxes of up to $25,000 per quarter in 2023
For businesses with 10 or fewer employees, the credit is refundable up to a total of $25,000, and the cap on refundability is gradually phased out for businesses with fewer than 20 employees.
Eligible businesses must have been in operation on or before March 14, 2020, have paid payroll taxes for at least two quarters in 2021, and must also have experienced average operating losses of at least 30% in 2020 and 2021 as compared to 2019, or losses of at least 50% in either calendar years 2020 or 2021 as compared to 2019.
It's early days and lots of negotiating needs to happen. . We will all keep an eye on it, and hope for the best!