Summary: H.R.8656 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for H.R.8656. Bill summaries are authored by CRS.

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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.