Senate Republicans this evening released several bills that are intended to serve as components of a broader Senate legislative response to the coronavirus (COVID-19) pandemic. These bills include a number of tax measures.
At present, no Senate Democrats have signed on as co-sponsors of any of these proposals.
In total, the plan would provide about $1 trillion in additional COVID-19 economic relief. Among many provisions:
The U.S. House of Representatives on May 15, 2020, passed (on a largely party-line vote) the “Health and Economic Recovery Omnibus Emergency Solutions Act” (HEROES Act). Read TaxNewsFlash
There are many significant differences between the HEROES bill and the Senate Republicans’ proposals released today. In order for further COVID-19 response legislation to become law, the House, Senate, and White House all will ultimately have to agree to the same legislation.
Tax provisions in today’s bills include:
S.4318, the “American Workers, Families, and Employers Assistance Act” [PDF 226 KB] – introduced by Senate Finance Committee Chairman Grassley
S.4324, the “Restoring Critical Supply Chains and Intellectual Property Act” [PDF 173 KB] – introduced by Senator Graham
S.4319, the “Supporting America’s Restaurant Workers Act” [PDF 24 KB] – introduced by Senator Scott
Unlike the House HEROES bill, the Senators have chosen to put forth several separate bills in parallel, to advance the next round of COVID-19 relief. This approach could complicate negotiations between the Democratic-controlled House and the Republican-controlled Senate.
But the Senate might need to pass some or all of this series of bills before it can begin negotiations with the House—not a sure thing, considering that at least seven Senate Democrats would also have to vote in favor of the legislation. It is not yet clear exactly how, or when, the Senate might attempt to move these bills through the Senate.
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