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.
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