Proposed Tax Legislation – June 2020

The following is an overview of some of the tax proposals discussed or introduced in Congress in June 2020. It is important that you not treat these proposals as passed legislation. Many hurdles remain before any of these legislative ideas become law. In the meantime, it is useful to see what types of tax laws may be affecting you in the future.

• Small Business PPP Tax Credit Act (House of Representatives Bill 7216): This bill, introduced June 15, proposes to amend the Internal Revenue Code of 1986 to provide a tax credit for personal protective equipment to small businesses, non-profits, independent contractors, veterans’ organizations, and farmers, among other entities, in any year in which the President declares a national emergency relating to COVID-19.
• Safe Reopening Tax Credit (House of Representatives Bill 7222): This bill, introduced June 15, proposes to amend the Internal Revenue Code of 1986 to provide for a credit against employment taxes for certain virus transmission prevention expenses, and for other purposes.
• Community Development in Opportunity Zones Act of 2020 (House of Representatives Bill 7262): This bill, introduced June 18, proposes to amend the Internal Revenue Code of 1986 to allow qualified opportunity funds to invest in community development financial institutions.
• Remote and Mobile Worker Relief Act of 2020 (Senate Bill 3995): This bill, introduced June 18, proposes to limit the authority of States or other taxing jurisdictions to tax certain income of employees for employment duties performed in other States or taxing jurisdictions, and for other purposes.
• American TRIP Act (Senate Bill 4031): This bill, introduced June 22, proposes to amend the Internal Revenue Code of 1986 to establish a temporary nonrefundable personal tax credit for travel, hospitality, and entertainment expenses, and for other purposes.
• Universal Giving Pandemic Response Act (Senate Bill 4032): This bill, introduced June 22, proposes to amend the Internal Revenue Code of 1986 to allow above-the-line deductions for charitable contributions for individuals not itemizing deductions.
• Universal Giving Pandemic Response Act (House of Representatives Bill 7324): This bill, introduced June 24, proposes to amend the Internal Revenue Code of 1986 to allow above-the-line deductions for charitable contributions for individuals not itemizing deductions.
• Helping Small Businesses Reopen Safely Act of 2020 (House of Representatives Bill 7431): This bill, introduced June 30, proposes to provide a payroll tax credit for personal protective equipment for use by employees and customers.

IMPORTANT: The above are proposals. There are many steps each bill must go through before they are signed into law.

Information retrieved from: GovTrack.us https://www.govtrack.us/congress/bills/subjects/taxation/6342

Stay Up To Date on Taxes that Affect You!! Subscribe to our General Taxpayer Weekly Tax Tip that includes bite-size and informative tips on tax and financial changes, Monthly Client Update Newsletter, and updates on our events and seminars. Follow CD Tax on Facebook!