By Utah Valley Times |
Sep 18, 2024
U.S. Senators Mitt Romney (R-UT), Thom Tillis (R-NC), and Joe Manchin (I-WV) introduced the Employee Retention Tax Credit Repeal Act, a bipartisan bill aimed at discontinuing the processing of Employee Retention Tax Credit (ERTC) claims filed after January 31, 2024, and increasing penalties for fraud. The ERTC has been prone to fraudulent activities, resulting in costs nearly 200% higher than anticipated and contributing an estimated $230 billion to the national debt through Fiscal Year 2023. The proposed legislation is projected to save taxpayers approximately $79 billion...