Small Business Assistance Act of 2020

2/8/2022, 11:17 PM

Small Business Assistance Act of 2020

This bill allows a one-time tax credit to small businesses to cover rent or mortgage payments paid or incurred by such businesses during the first four months of 2020. The credit allowable to a taxpayer may not exceed $50,000 in any taxable year.

Congress
116
Number
HR - 6354
Introduced on
2020-03-23
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

3/23/2020
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

Small Business Assistance Act of 2020

This bill allows a one-time tax credit to small businesses to cover rent or mortgage payments paid or incurred by such businesses during the first four months of 2020. The credit allowable to a taxpayer may not exceed $50,000 in any taxable year.

Alternative Names
Official Title as IntroducedTo amend the Internal Revenue Code of 1986 to provide a one-time emergency tax credit to small businesses to cover rent and mortgage payments.
Policy Areas
Taxation
Potential Impact
Administrative law and regulatory procedures•
Business expenses•
Department of the Treasury•
Fraud offenses and financial crimes•
Income tax credits•
Small business•
Tax administration and collection, taxpayers

Comments

Recent Activity

Latest Summary4/15/2020

Small Business Assistance Act of 2020

This bill allows a one-time tax credit to small businesses to cover rent or mortgage payments paid or incurred by such businesses during the first four months of 2020. The credit ...

Latest Action3/23/2020
Referred to the House Committee on Ways and Means.