House Bill Would Give Coops Tax Credits to Help Pay Retirement Costs

NRECA is supporting a bipartisan House bill that would give electric cooperatives a temporary tax credit to help keep their retirement plans funded during the COVID-19 pandemic. The Preserving Employee Retirement Savings Act would provide a two-year tax credit for up to 20% of the retirement costs paid by coops and other small businesses experiencing hardships because of the pandemic. The credit would be refundable, so even a tax-exempt coop that pays no federal taxes would be eligible to receive as much as $100,000 in 2020 and 2021.

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