Get the credit you deserve

The Disaster Tax Relief and Airport and Airway Extension Act of 2017 was signed into law on Sept. 29, 2017. This law created tax credits for businesses impacted by Hurricanes Harvey, Irma or Maria. Most of the counties in Florida were affected by Hurricane Irma, and if a business is located in a designated disaster zone, the tax credit is available.

The credit, called “employee retention credit,” is crafted to help employers who were affected by the storms. If an employer's business was shut down due to either Harvey, Irma or Maria, and the employer continued to pay salaries and wages to “eligible” employees, then the employer is eligible for a credit equal to 40% of the amount paid out as wages, up to $6,000 of compensation per employee.

To be eligible for the credit, the employer must have been operating an active business on a specific date. For Hurricane Irma, that date is Sept. 4, 2017. The relief period for Irma is defined as Sept. 4, 2017 to Dec. 31, 2017. Any qualified wages paid during this period are eligible for the credit.