Paid Leave Credits Among Expiring Tax Provisions, Report Says

Paid sick leave and paid family leave tax credits and looser retirement account withdrawal rules are two of several coronavirus relief tax provisions set to expire at the end of the year, the Congressional Research Service said in a report.

The CRS, in a report released Thursday, outlined expiring tax provisions under coronavirus relief legislation enacted by the federal government, including the Families First Coronavirus Response Act  and the Coronavirus Aid, Relief, and Economic Security Act .

One such provision includes the refundable paid sick and paid family leave credits under the FFCRA, which cover the costs of providing paid leave to employees for some small to midsize employers, according to the report.

Also set to run out by Dec. 31, absent additional action by the federal government, are rules that let people make coronavirus-related distributions from tax-advantaged retirement accounts without incurring an extra 10% tax, the CRS said.

--Editing by Vincent Sherry. 

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