The Disaster Tax Relief and Airport and Airway Extension Act of 2017 (P.L. 115-63), which became effective Sept. 29, 2017, extends relief to victims of the various hurricanes that have battered the U.S. since late August.
A temporary tax credit—worth 40%, up to $6,000, in wages paid per employee—is available to employers with active business operations and employees in the core disaster areas. Maximum credit: $2,400 per employee. Wages qualify for the credit regardless of whether employees have actually worked (the retention aspect of this credit), where employees end up working (i.e., working outside the disaster area still counts) or whether employees began working prior to the resumption of significant operations.
The credit applies beginning on the date on which a...(register to read more)