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Small Business Assistance Act of 2020

2/8/2022, 11:17 PM

Congressional Summary of HR 6354

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.

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Current Status of Bill HR 6354

Bill HR 6354 is currently in the status of Bill Introduced since March 23, 2020. Bill HR 6354 was introduced during Congress 116 and was introduced to the House on March 23, 2020.  Bill HR 6354's most recent activity was Referred to the House Committee on Ways and Means. as of March 23, 2020

Bipartisan Support of Bill HR 6354

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
3
Democrat Cosponsors
1
Republican Cosponsors
2
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 6354

Primary Policy Focus

Taxation

Potential Impact Areas

- 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

Alternate Title(s) of Bill HR 6354

Small Business Assistance Act of 2020
To amend the Internal Revenue Code of 1986 to provide a one-time emergency tax credit to small businesses to cover rent and mortgage payments.
Small Business Assistance Act of 2020

Comments

Sponsors and Cosponsors of HR 6354

Ron Kind
Ron Kind
WisconsinDemocrat
Terri A. Sewell
Terri A. Sewell
AlabamaDemocrat
Tom Rice
Tom Rice
South CarolinaRepublican
Mike Kelly
Mike Kelly
PennsylvaniaRepublican

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