Arkansas Funeral Directors Association

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May
18

COVID Vaccine Tax Credits

Last week, the Biden administration announced a new tax credit that would help businesses offer paid time off for employees to receive COVID-19 vaccinations. In addition, the tax credit can also be used to cover time off if an employee needs time to recover from side effects from the vaccine.

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 time taken off between April 1 and September 30, 2021. If small business owners choose to provide employees with time off to get vaccinated, the federal government will reimburse employers through money taken out of what the employer usually pays in Medicare taxes. Employers could use IRS Form 941 to show they offset those costs and claimed the tax credits.

More information on this credit program can be read on the IRS website.

The U.S. Chamber of Commerce has also prepared a helpful guide which can be found here.

Arkansas Funeral Directors Association
523 South Louisiana  ♦  Suite 222  ♦  Little Rock, AR 72201
Phone: 501-246-8842  ♦  Fax: 866-935-6893
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