Empowerment Zone Employment Tax Credit Extended
Employers who hire workers in empowerment zones may claim the empowerment zone employment credit. The income tax credit is 20% of the employer’s qualified zone wages (up to $15,000) paid or incurred during the calendar year for services performed by a qualified zone employee. The credit runs through 2025. The IRS confirmed that the designations of empowerment zones in effect through 2020 are extended through December 31, 2025. #Ideaoftheday
Important: The deadline for applying for a PPP loan runs through May 31, 2021.