The following is an overview of some of the tax proposals discussed or introduced in Congress in May 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.
- Excluding Pandemic Unemployment Compensation from Income Act (House of Representatives Bill 6695): This bill, introduced May 1, proposes to amend the Internal Revenue Code of 1986 to exclude from tax certain payment of Federal pandemic unemployment compensation.
- FORWARD Act (Senate Bill 3593): This bill, introduced May 4, proposes to amend the Internal Revenue Code of 1986 to expand and modify the credit for increasing research activities.
- Small Business Expense Protection Act of 2020 (Senate Bill 3612): This bill, introduced May 5, proposes to clarify for purposes of the Internal Revenue Code of 1986 that receipt of coronavirus assistance does not affect the tax treatment of ordinary business expenses.
- All Dependents Count Act of 2020 (Senate Bill 3652): This bill, introduced May 7, proposes to allow 2020 recovery rebates with respect to qualifying children over the age of 16 and other dependents.
- American Space Commerce Act of 2020 (House of Representatives Bill 6783): This bill, introduced May 8, proposes to amend the Internal Revenue Code of 1986 to provide bonus depreciation for certain space launch expenditures.
- Protecting the Paycheck Protection Program of 2020 (House of Representatives Bill 6754): This bill, introduced May 8, proposes to provide clarification regarding the tax treatment of expenses paid or incurred with proceeds from Paycheck Protection Program loans.
- JOBS Credit Act of 2020 (House of Representatives Bill 6776): This bill, introduced May 8, proposes to provide for improvements related to the employee retention tax credit.
- Paycheck Protection Program Improved Coordination Act of 2020 (House of Representatives Bill 6781): This bill, introduced May 8, proposes to provide for improved coordination between the Paycheck Protection Program and the employee retention tax credit.
- Protect Vulnerable Students from Surprise Tax Bills Act (House of Representatives Bill 6743): This bill, introduced May 8, proposes to amend the CARES Act to exclude from gross income emergency financial aid grants to students.
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
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