3.0.0 6884 2023-01-11T13:42:54Z 2023-01-11T13:42:54Z House HR 2020-05-15 116 [Congressional Record Volume 166, Number 92 (Friday, May 15, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. NEWHOUSE:H.R. 6884.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, United States Constitution[Page H2261]]]> hswm00 Ways and Means Committee House Standing Referred to 2020-05-15T13:00:37Z Small Business Expense Protection Act of 2020 116 6821 HR 2020-05-12 Referred to the House Committee on Ways and Means. Related bill CRS Small Business Expense Protection Act of 2020 116 3612 S 2020-05-05 Read twice and referred to the Committee on Finance. Related bill CRS 2020-05-15 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2020-05-15 Introduced in House IntroReferral Intro-H 9 Library of Congress 2020-05-15 Introduced in House IntroReferral 1000 9 Library of Congress N000189 Rep. Newhouse, Dan [R-WA-4] Dan Newhouse R WA 4 N P000616 Rep. Phillips, Dean [D-MN-3] Dean Phillips D MN 3 2020-06-04 False Taxation Business expenses Cardiovascular and respiratory health Emergency medical services and trauma care Government lending and loan guarantees Income tax deductions Income tax exclusion Infectious and parasitic diseases Small business Taxation 00 2020-05-15 Introduced in House 2020-06-10T15:04:34Z Fixing the Income Ramifications for Small Businesses and Tax Relief Act or the FIRST Act

This bill amends the Coronavirus Aid, Relief, and Economic Security Act to provide that tax deductions for ordinary business expenses and other tax incidents shall not be affected by the exclusion from gross income of amounts related to loan forgiveness received in response to COVID-19 (i.e., coronavirus disease 2019).

]]> FIRST Act Display Title FIRST Act Official Title as Introduced To clarify for purposes of the Internal Revenue Code of 1986 that receipt of coronavirus assistance does not affect the tax treatment of ordinary business expenses. Introduced in House IH Short Title(s) as Introduced FIRST Act Introduced in House IH Short Title(s) as Introduced Fixing the Income Ramifications for Small Businesses and Tax Relief Act Introduced in House IH Introduced in House 2020-05-15T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr6884ih/xml/BILLS-116hr6884ih.xml 2020-05-15 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.