U.S. Senate Republicans this afternoon, March 19, 2020, released a draft bill intended to further address the coronavirus (COVID-19) crisis. The bill includes both tax and non-tax measures, for both individuals and for businesses.
The bill does not yet include priorities of Senate Democrats, the approval of at least some of whom is likely needed for legislation to achieve approval in the broader Senate. Further, House Democrats can be expected to identify their priorities in the coming days, and both the House and the Senate ultimately would have to agree to the same version of the legislation. Thus, changes can be expected. Nonetheless, legislative action may take place quickly, so stay tuned for further developments.
General highlights of the tax measures proposed in today’s draft bill include the following—some of which are temporary in nature.
Tax measures for individuals:
Tax measures for businesses:
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