HR 685
Coronavirus Unemployment Benefits Tax Relief Act
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Bill overview
This bill, the Coronavirus Unemployment Benefits Tax Relief Act, provides a tax break for unemployment compensation received by individuals in 2020. Specifically, it exempts the first $10,200 of unemployment benefits from being counted as income on federal income tax returns. This change is intended to ease the financial burden on those who lost their jobs during the COVID-19 pandemic. The provisions take effect after December 31, 2019.
Sponsors
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Primary sponsor
Cynthia Axne
Cosponsors
Albio Sires
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