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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.
Read the Full Bill
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
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
3Democrat Cosponsors
1Republican Cosponsors
2Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 6354
Primary Policy Focus
TaxationPotential 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
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