U.S. Senate Finance Committee ranking member Ron Wyden (D-OR), along with Senator Ben Cardin (D-MD), today unveiled a draft bill entitled “Save America’s Main Street Act.” The bill contains a number of proposals that may reflect priorities of some Senate Democrats as negotiations continue with Senate Republicans to potentially craft a bill—widely referred to as “Phase 3”—to address concerns raised by the coronavirus (COVID-19) pandemic.
The proposed bill (text is available on a Finance Committee release), contains provisions that would:
A bill was released by Senate Republican leadership yesterday. Read TaxNewsFlash
Senate Republican Leader Mitch McConnell and Senate Democratic Leader Chuck Schumer have both indicated that negotiations will take place today and likely into the weekend in an attempt to develop a Phase 3 bill that will be able to pass the Senate. If a Senate bill is approved, that bill will also need to be approved by the House and then signed by the president before it would become law.
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.