H.R.8656 - Small Business Emergency Savings Accounts Act of 2020116th Congress (2019-2020)
|Sponsor:||Rep. Cloud, Michael [R-TX-27] (Introduced 10/23/2020)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 10/23/2020 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.8656 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (10/23/2020)
Small Business Emergency Savings Accounts Act of 2020
This bill allows a new tax deduction from gross income for amounts paid into a small business emergency savings account. Such savings accounts are established exclusively to pay the qualified disaster and public health emergency expenses of the account beneficiary.
The bill defines qualified disaster and public health emergency expenses as disaster loss replacement expenses, disaster recovery operations expenses, and public health emergency expenses.