The Professional Beauty Association (PBA) seeks industry and consumer action to help include the 45B FICA tax credit in the coronavirus economic stimulus package.
As Congress works to develop on economic stimulus package, the PBA team is asking Members of Congress to include the 45B FICA tax tip credit. This credit is a dollar for dollar tax credit on the employer’s share of FICA taxes paid on employee tip income, which is crucial to keep professional beauty businesses afloat during this time of economic uncertainty.
By passing this tax credit, it would provide an immediate cash infusion to salon and spa employers by making the provision effective for the past three taxable years, the FICA credit would reduce the salon’s tax liability retroactively and increase liquidity this year to help keep salons and spas open and able to meet payroll.
“As we are all in this coronavirus pandemic crisis together, we are looking at various ways to seek relief for the professional beauty industry through federal legislation,” shares PBA executive director Steve Sleeper. “As Congress works to develop an economic stimulus package, our PBA team is engaged… but we need your help to get this passed by asking your local Members of Congress to do so.”
To ask Congress to include the 45B FICA tax tip credit, the PBA requests US residents to click this link to find their local Member of Congress and send an email request to them in one click: https://p2a.co/e5ekeL7