H.R.6799 - Keeping the Lights On Act of 2020116th Congress (2019-2020) |
|Sponsor:||Rep. Thompson, Mike [D-CA-5] (Introduced 05/12/2020)|
|Committees:||House - Ways and Means; Small Business|
|Latest Action:||House - 05/12/2020 Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.6799 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (05/12/2020)
Keeping the Lights On Act of 2020
This bill allows an eligible employer a payroll tax credit equal to 50% of a limited amount of qualified fixed expenses paid by such employer in a calendar quarter. Qualified fixed expenses include a mortgage, rent, or a utility payment.
An employer is eligible for such payroll credit if the employer was carrying on a trade or business in 2020 which had not more than 1,500 full-time employees or not more than $41.5 million in gross receipts in 2019. The employer's business must have been suspended in a calendar quarter due to COVID-19 (i.e., coronavirus disease 2019) and have experienced a significant decline in gross receipts due to that pandemic..
The credit may not be claimed by the federal government or by any state or tribal government, or by U.S. possessions, but may be claimed by tax-exempt organizations.