Congressional Report Says Murphy-Led Measure Will Help Retain or Rehire 13 Million American Workers
Murphy spearheaded the successful bipartisan effort to extend and enhance the Employee Retention Tax Credit as part of the most recent COVID relief bill
WASHINGTON—A new report prepared by the nonpartisan Joint Committee on Taxation (JCT) says the expanded Employee Retention Tax Credit (ERTC) spearheaded by U.S. Representative Stephanie Murphy, D-Fla., and enacted into law as part of the most recent COVID relief bill will help over 6 million businesses retain or rehire over 13 million workers over the next six months. According to the JCT estimate, businesses will claim over $35 billion in employee retention tax credits, with small businesses employing fewer than 500 workers claiming the vast majority of those federal benefits. Murphy, who sits on the powerful House Ways and Means Committee, introduced a bipartisan bill to expand the ERTC—H.R. 6776, the JOBS Credit Act—in May 2020 and then worked for eight months to successfully shepherd it into law.