U.S. House Speaker Nancy Pelosi stated this afternoon that House Democrats will unveil today a "phase 3" COVID-19 response bill—the "Take Responsibility for Workers and Families Act."
Read a release from the Speaker’s office.
Official text of the bill has not yet been released and details may still be in flux. However, based upon developments at this time, it is understood that the bill may include a tax title with provisions such as the following:
Parts of the bill other than the tax title might also include provisions relevant to tax.
Given that the bill has not yet been formally released, changes may be made to the tax provisions before introduction. Stay tuned for more details.
Earlier today, the Senate failed for the second time on a procedural vote to begin debate on a Senate version of the COVID-19 “phase 3” response bill. It is being reported that negotiations are ongoing in an effort to develop legislation with bipartisan support. Read about the tax provisions in the version of the Senate bill that was released yesterday: TaxNewsFlash
The staff of the Joint Committee on Taxation (JCT) has not yet issued revenue estimates for any of the “phase 3” legislative proposals.
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