The U.S. Senate tonight released its “phase 3” coronavirus (COVID-19) legislation—H.R. 748, the “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act).
A bipartisan deal on the legislation was announced in the Senate last night, but negotiations continued throughout the day today. Additional changes to the last night’s agreement were made in the Senate today, presumably achieving bipartisan agreement for the measure.
The CARES Act includes substantial tax and non-tax measures, for both individuals and for businesses. Although the tax provisions in this bill are similar in many respects to those contained in prior drafts of the Senate bill, some changes were made, including the addition of:
Read text of the 883-page bill [PDF 1.08 MB]. The bill includes tax and revenue provisions.
It is expected that the Senate will move quickly to vote on this legislation, perhaps as soon as tonight. Assuming the Senate approves the “phase 3” bill, the legislation would then move to the House for passage.
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 nevertheless 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. Depending on how quickly the Senate acts on the “phase 3” legislation, the House could seek approval of the bill as soon as tomorrow.
President Trump is expected to sign the legislation if it is approved by both houses of Congress.
General highlights of the tax measures proposed in the “phase 3” legislation include the following—some of which are temporary in nature.
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