How Can Businesses Get COVID-19 Vaccine Tax Credits?
Here's what businesses need to know about tax credits earned from giving employees time off to get vaccinated.
Air Date: April 26, 2021
Moderator: Jeanette Mulvey, Editor-in-Chief at CO—, U.S. Chamber of Commerce
Featured Guests: Neil Bradley, Executive Vice President, Chief Policy Officer and Head of Strategic Advocacy, U.S. Chamber of Commerce, Andy Slavitt, Senior Advisor, White House COVID-19 Response Team, The Biden Administration
The Biden administration announced a new tax credit in April 2021 that would help businesses offer paid time off for employees to receive COVID-19 vaccinations. Additionally, the tax credit would cover time off if an employee needs time to recover from side effects.
This new vaccination tax credit is an expansion of the Families First Coronavirus Response Act,
which became law in March 2020. The new tax credit applies to nearly all businesses and nonprofits with fewer than 500 employees. It provides up to $511 per day per employee for up to 10 workdays for the time taken off between April 1 and September 30, 2021.