Recently, President Biden has released a tax credit for business and nonprofits who provide paid time off to workers that are receiving or recovering from the vaccine through the American Rescue Plan.

A paid leave tax credit will offset the cost for businesses and nonprofits with fewer than 500 employees for up to 80 hours (i.e. 10 work days) up to $511 per day of paid sick leave offered between April 1 and September 30, 2021.

This credit is for employers who voluntarily elect to provide sick leave and paid family medical leave under the provisions of FFCRA and is meant to incentivize employers to encourage their employees to receive the vaccine and for employees not to be concerned about losing pay.

Please find more information from the IRS here.

Please contact our office if you have any questions!