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]

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.

Tracking Information

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Title

Small Business Emergency Savings Accounts Act of 2020

Sponsors


History

DateChamberAction
2020-10-23HouseReferred to the House Committee on Ways and Means.
2020-10-23HouseIntroduced in House

Subjects


US Congress State Sources


Bill Comments

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