Restaurant Revitalization Tax Credit Act

HR 2575 creates a refundable tax credit to help restaurants and similar food service businesses recover from pandemic losses. It provides a 100% credit on qualified wages up to $25,000 per employee per calendar quarter (2023), refunding excess credits beyond payroll tax liability. To qualify, businesses must have been established before March 2020, applied for but not received an ARPA grant, and shown at least a 50% revenue drop in 2020 or 70% average drop for 2020-2021 compared to 2019. The credit applies only to wages paid between January 2023 and December 2023.