HR 8656
Small Business Emergency Savings Accounts Act of 2020
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill, the Small Business Emergency Savings Accounts Act of 2020, creates a new tax deduction for small businesses. It allows eligible businesses to contribute to designated ‘emergency savings accounts’ and deduct those contributions from their income, up to 25% of their wages. The accounts must be structured in a specific way to qualify for the deduction and are intended to help businesses cover expenses during disasters or public health emergencies. The bill also establishes rules for how these accounts are taxed and how distributions are treated.
Sponsors
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Primary sponsor
Cosponsors
Louie Gohmert
Randy K., Sr. Weber
Steve King
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