Text: H.R.6884 — 116th Congress (2019-2020)All Information (Except Text)

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Introduced in House (05/15/2020)


116th CONGRESS
2d Session
H. R. 6884


To clarify for purposes of the Internal Revenue Code of 1986 that receipt of coronavirus assistance does not affect the tax treatment of ordinary business expenses.


IN THE HOUSE OF REPRESENTATIVES

May 15, 2020

Mr. Newhouse introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To clarify for purposes of the Internal Revenue Code of 1986 that receipt of coronavirus assistance does not affect the tax treatment of ordinary business expenses.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Fixing the Income Ramifications for Small Businesses and Tax Relief Act” or the “FIRST Act”.

SEC. 2. Clarification of treatment of business expenses.

(a) In general.—Subsection (i) of section 1106 of the CARES Act (Public Law 116–136) is amended—

(1) by striking “1986, any amount” and inserting “1986—

“(1) any amount”;

(2) by striking the period at the end and inserting “, and”; and

(3) by adding at the end the following new paragraph:

“(2) no deduction shall be denied or reduced, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of the exclusion from gross income provided by paragraph (1).”.

(b) Effective date.—The amendments made by this section shall apply as if included in the enactment of section 1106 of the CARES Act (Public Law 116–136).


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