On November 5, 2021, the House of Representatives passed H.R. 3684: Infrastructure Investment and Jobs Act. The Act currently awaits signature by President Biden. Prior to the Act, Section 3134 of the Internal Revenue Code provided the Employee Retention Tax Credit (ERTC) for wages paid by eligible employers before January 1, 2022.
The Act ends the ERTC for most businesses three months earlier than expected. Section 80604 of the Act revises Section 3134 of the Code to terminate the ERTC at the end of the third quarter of 2021, so the ERTC would not be available for employers for the fourth quarter of 2021, except for employers qualifying as a "recovery startup business" under Section 3134(c)(5) of the Code.