The Biden administration is making immediate tax credits are available to businesses that offer their employees paid sick leave. 💸
Why is paid leave important?
Offering paid sick and family leave helps fight COVID by helping employees get vaccinated and encouraging sick employees to stay home. Supporting employees in getting vaccinated supports you and your community in a safe reopening and a fast economic recovery. With COVID variants on the rise, vaccination is critical and businesses are taking steps to ensure that 100% of their workforce has an opportunity to learn about and take time to the vaccine.
What can businesses claim?
A credit for two-thirds of an employee’s wages if an employee used PTO or sick leave to care for a family member or other individual recovering from COVID. The claim covers sick leave used to care for individuals who are quarantining as well. The threshold is up to $200 per day for up to 80 hours.
How does your business file for the paid leave tax credit?
The vaccine tax credit can be claimed in next quarterly filing. It is available as soon as Q2 of 2021.
This one-page flyer explains what paid leave credit is and if your business is eligible.