Tax Alert
Disaster Tax Relief and Airport and Airway Extension Act
On September 29, 2017, the President of the United Stated of America signed into Law H.R 3823, known as the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (the “Act”), which provides a series relief measures for zones and areas that were affected by hurricanes Harvey, Irma and Maria, among other matters. Foremost among these is the concession of a business tax credit under Section 38 of the U.S. Internal Revenue Code of 1986, as amended (the “IRC”) to employers for employee retention.