The U.S. Senate last night passed the “phase 3” coronavirus (COVID-19) legislation—H.R. 748, the “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act). The vote was 96 to 0.
The CARES Act legislation [PDF 1.08 KB] (880 pages) includes substantial tax and non-tax measures, for both individuals and for businesses. Read a brief description of some of the tax measures: TaxNewsFlash
Read a revenue estimate provided by the Joint Committee on Taxation (JCT): JCX-11-20
With Senate approval, the bill moves to the House of Representatives. Consideration of the bill is scheduled to begin at 9 a.m. on Friday, March 27, 2020.
Legislative action in the House is complicated, however, by the fact that most members of the House are in their home districts, rather than in Washington, D.C. The House could approve the “phase 3” legislation by unanimous consent of those House members who are present or by voice vote of those present (instead of a roll call vote)—other alternatives such as proxy voting, may require changes to the House rules.
President Trump has indicated that he would sign the legislation once approved by the House.
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