Many businesses are hoping for additional tax benefits in the next COVID-19 stimulus bill. Congress will probably make a decision on it before they leave for their August recess.
Businesses have already been pushing for some new benefits:
1.) Allowing firms that don’t owe income tax to enjoy nonrefundable business credits.
2..) Making 100% first-year depreciation and higher asset expensing limits permanent.
3.) Giving firms a tax break for reconfiguring their workplaces and for providing workers with personal protective equipment.
5.) Expanding the employee retention credit.
4.) Giving breaks to firms that invest in U.S. supply chains for critical products.