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EMPLOYEE RETENTION TAX CREDIT | 9 Months Ended
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Oct. 31, 2023
Employee Retention Tax Credit |
EMPLOYEE RETENTION TAX CREDIT | 19. EMPLOYEE RETENTION TAX CREDIT The Trust is participating in Economic Relief through a Credit allowed for Entities that suffered financial hardship during the Covid-19 Pandemic, under the CARES (The Coronavirus Aid, Relief, and Economic Security) Act (2020), and The Consolidated Appropriations Act (2021). Both provided fast and direct economic assistance for American workers, families, small businesses, and industries, by the U.S. Department of the Treasury along with Congress. This Credit was available for all Entities impacted by the Virus and who paid Employment Taxes, while trying to remain solvent and viable. It is a fully refundable tax credit for Eligible Employers that paid employees to carry on a trade or business that was partially or fully suspended during any calendar year 2020; or that experienced significant decline in gross receipts during any calendar quarter in 2020, due to COVID-19. As a result of both legislative acts, the Trust has and is expected to be receiving a net of approximately $2.7 million in a combination of Employment Tax Refunds and Credits, for the two calendar years 2020, and 2021, respectively. As a result, the Trust placed an amount equal to approximately 12% per Fiscal Quarter of this total as a Tax Credit Receivable and Tax Refund on the Balance Sheet and Income statement, respectively, for the year ended January 31, 2023. The Trust has further recognized an additional 12% approximately of the total anticipated Tax Credit receivable for the Quarter ended October 31, 2023. As of October 31, 2023, IHT has received approximately $1.9 million, and is expected to receive an additional $0.8 million.

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