Heroes Act: Revenue Provisions (CRS Report for Congress)
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| Release Date |
Revised Oct. 26, 2020 |
| Report Number |
R46358 |
| Report Type |
Report |
| Authors |
Molly F. Sherlock, Margot L. Crandall-Hollick, Grant A. Driessen, Jane G. Gravelle, Mark P. Keightley, Donald J. Marples |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
Congress continues to consider proposals intended to alleviate the economic effects associated with the Coronavirus Disease 2019, or COVID-19, pandemic. One such proposal, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act (H.R. 6800), was introduced in the House on May 12, 2020.
Division B of the HEROES Act, or the COVIDâ19 Tax Relief Act of 2020, contains a number of individual and business tax provisions, including
A one-time direct payment for eligible individuals, and an expansion of eligibility for the direct payments provided in the CARES Act;
Enhanced benefits and/or expanded eligibility for the earned income tax credit, child tax credit, and child and dependent care tax credit, and suspension of the limitation on the deduction for state and local taxes paid;
Expansions of tax credits for paid sick leave and paid family leave;
Tax credits for employers and employees in businesses susceptible to COVID-19-related interruptions;
Expanded utilization options for certain employee health and dependent care benefits; and
A permanent limitation on using non-corporate business losses to offset non-business income, and reduced ability to carryback recent net operating losses.
Consideration of the HEROES Act follows enactment of other laws addressing the COVID-19 crisis. Those laws are (1) the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 (P.L. 116-123); (2) the Families First Coronavirus Response Act (FFCRA; P.L. 116-127); (3) the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136); and (4) the Paycheck Protection Program and Health Care Enhancement Act (P.L. 116-139).
****TO BE SUPPRESSED***
