The following is an overview of some of the tax proposals discussed or introduced in Congress in July 2020. It is important that you not treat these proposals as passed legislation. Many hurdles remain before any of these legislative ideas become law. In the meantime, it is useful to see what types of tax laws may be affecting you in the future.
- Senate Bill 4178: This bill, introduced July 2, proposes to provide for a credit against employment taxes for certain workplace safety expenses, and for other purposes.
- Senate Bill 4214: This bill, introduced July 20, proposes to provide a payroll tax credit for certain expenses associated with protecting employees from COVID-19.
- FRNT LINE Act (Senate Bill 4213): This bill, introduced July 20, proposes to exclude from income and payroll taxes compensation received by front-line employees during the COVID-19 emergency.
- American Workers, Families, and Employers Assistance Act (Senate Bill 4318): This bill, introduced July 27, proposes to provide assistance to American workers, families, and employers during the COVID-19 pandemic.
- Supporting America’s Restaurant Workers Act (Senate Bill 4319): This bill, introduced July 27, proposes to amend the Internal Revenue Code of 1986 to temporarily expand the deduction for business meals provided at a restaurant.
IMPORTANT: The above are proposals. There are many steps each bill must go through before they are signed into law.
Information retrieved from: GovTrack.us https://www.govtrack.us/congress/bills/subjects/taxation/6342