President vetoes defense authorization bill; status of year-end funding and COVID relief bill uncertain

President vetoes defense authorization bill

President Trump today vetoed H.R. 6395, a bill that would provide spending authority for certain military and defense activities. The vetoed defense bill includes anti-money laundering provisions (i.e., provisions regarding disclosure of beneficial ownership).


Related content

The bill was passed by both the House and Senate with a sufficient number of votes to override a presidential veto. Read TaxNewsFlash

Congressional leaders have said they would return to Washington before year-end and could at that time consider whether to override the presidential veto. 

Uncertainty over year-end funding and COVID relief bill

The president last evening expressed his disagreement with certain provisions of the massive year-end funding bill (5,593 pages). The bill, as passed by both houses of Congress, would provide over $900 billion for various COVID relief programs, government funding of $1.4 trillion, and a number of tax provisions. Read TaxNewsFlash

The president specifically requested an increased amount of direct payments to be made to individual taxpayers. The situation remains fluid, and the outlook for this legislation is currently unresolved.

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.

Connect with us


Want to do business with KPMG?


loading image Request for proposal