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Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act: Division B--Revenue Provisions [May 15, 2020]
From the Document: "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 COVID-19 Tax Relief Act of 2020, contains a number of individual and business tax provisions, including [1] a one-time direct payment for eligible individuals, and an expansion of eligibility for the direct payments provided in the CARES [Coronavirus Aid, Relief, and Economic Security] Act; [2] enhanced benefits and/or expanded eligibility for the earned income tax credit (EITC), child tax credit, and child and dependent care tax credit, and suspension of the limitation on the deduction for state and local taxes paid; [3] expansions of tax credits for paid sick leave and paid family leave; [4] tax credits for employers and employees in businesses susceptible to COVID-19- related interruptions; [5] expanded utilization options for certain employee health and dependent care benefits; and [6] a permanent limitation on using noncorporate business losses to offset nonbusiness income, and reduced ability to carry back recent net operating losses."
Library of Congress. Congressional Research Service
Crandall-Hollick, Margot L.; Sherlock, Molly F.; Driessen, Grant A. . . .
2020-05-15
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Tax Treatment of Canceled Mortgage Debt [May 5, 2020]
From the Document: "Recent data indicate that the economy is weakening and that labor markets are under a great deal of strain as fallout from the COVID-19 [coronavirus disease 2019] outbreak continues. The corresponding drop in incomes is causing financial hardship for some homeowners as they struggle to make timely mortgage payments. Included in the broader third round of economic relief known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) were temporary forbearance for federally backed single-family and multifamily mortgages and a temporary foreclosure moratorium for federally backed single-family mortgages. [...] Once these temporary efforts to assist homeowners expire, there may be an increased number of home foreclosures, mortgage defaults, or mortgage modifications barring additional relief efforts. Attempts to resolve mortgage indebtedness concerns may result in cancellation of debt, which can have important tax consequences. This In Focus provides a brief overview of the tax treatment of canceled mortgage debt."
Library of Congress. Congressional Research Service
Keightley, Mark P.
2020-05-05
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CARES Act Payments Use and Recipient Characteristics: In Brief [July 24, 2020]
From the Document: "In response to the Coronavirus Disease 2019 (COVID-19) pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act, P.L. 116-136) provided direct payments to individuals and families. The maximum amount of these payments--sometimes referred to as 'stimulus checks' or 'stimulus payments'--is $1,200 per eligible individual ($2,400 for married taxpayers filing a joint tax return) and $500 per eligible child. The payment amounts are reduced $5 for each $100 that a taxpayer's income exceeds the phaseout threshold. These thresholds are (1) $150,000, if filing as married filing jointly; (2) $112,500, if filing as head of household; and (3) $75,000, for single filers. [...] This report provides summary statistics on how recipients used their stimulus payments, followed by characteristics of recipients. The estimates in this report were obtained from the Census Bureau's new Household Pulse Survey."
Library of Congress. Congressional Research Service
Keightley, Mark P.
2020-07-24
