US HB8656 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Republican 4-0)
Status: Introduced on October 23 2020 - 25% progression, died in committee
Action: 2020-10-23 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on October 23 2020 - 25% progression, died in committee
Action: 2020-10-23 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Allows a new tax deduction from gross income for amounts paid into a small business emergency savings account. Such savings accounts are established exclusively to pay the qualified disaster and public health emergency expenses of the account beneficiary. The bill defines qualified disaster and public health emergency expenses as disaster loss replacement expenses, disaster recovery operations expenses, and public health emergency expenses.
Title
Small Business Emergency Savings Accounts Act of 2020
Sponsors
| Rep. Michael Cloud [R-TX] | Rep. Randy Weber [R-TX] | Rep. Louie Gohmert [R-TX] | Rep. Steve King [R-IA] |
History
| Date | Chamber | Action |
|---|---|---|
| 2020-10-23 | House | Referred to the House Committee on Ways and Means. |
| 2020-10-23 | House | Introduced in House |
Subjects
Bank accounts, deposits, capital
Business expenses
Disaster relief and insurance
Emergency medical services and trauma care
Employee benefits and pensions
Health care costs and insurance
Income tax deductions
Income tax exclusion
Infectious and parasitic diseases
Inflation and prices
Property tax
Public utilities and utility rates
Small business
Taxation
Unemployment
Wages and earnings
Business expenses
Disaster relief and insurance
Emergency medical services and trauma care
Employee benefits and pensions
Health care costs and insurance
Income tax deductions
Income tax exclusion
Infectious and parasitic diseases
Inflation and prices
Property tax
Public utilities and utility rates
Small business
Taxation
Unemployment
Wages and earnings
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/116th-congress/house-bill/8656/all-info |
| Text | https://www.congress.gov/116/bills/hr8656/BILLS-116hr8656ih.pdf |
