Summary: S.4525 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for S.4525. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (08/12/2020)

This bill affirms that any payment or benefit provided to a taxpayer under the Coronavirus Aid, Relief, and Economic Security Act or the CARES Act due to COVID-19 (i.e., coronavirus disease 2019) shall be excluded from gross income, for income tax purposes. Additionally, no deduction shall be denied or reduced, no tax attribute shall be reduced, and no basis increase shall be denied resulting from such exclusion.