3.0.0 8385 2023-01-11T13:44:54Z 2023-01-11T13:44:54Z House HR 2020-09-24 116 [Congressional Record Volume 166, Number 166 (Thursday, September 24, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. LaHOOD:H.R. 8385.Congress has the power to enact this legislation pursuantto the following:Clause 7 of Section 9 of Article I of the Constitution ofthe United States, which states: ``No Money shall be drawnfrom the Treasury, but in Consequence of Appropriations madeby Law . . .''In addition, Clause 1 of Section 8 of Article I of theConstitution provides: ``The Congress shall have the Power. .. to pay the Debts and provide for the common Defence andgeneral Welfare of the United States . . .''[Page H4959]]]> hsgo00 Oversight and Accountability Committee House Standing Referred to 2020-09-24T13:00:05Z 2020-09-24 Referred to the House Committee on Oversight and Reform. IntroReferral H11100 2 House floor actions hsgo00 Oversight and Accountability Committee 2020-09-24 Introduced in House IntroReferral Intro-H 9 Library of Congress 2020-09-24 Introduced in House IntroReferral 1000 9 Library of Congress L000585 Rep. LaHood, Darin [R-IL-18] Darin LaHood R IL 18 N Government Operations and Politics Appropriations Cardiovascular and respiratory health Economic performance and conditions Emergency medical services and trauma care Government employee pay, benefits, personnel management Government information and archives Government lending and loan guarantees Indian social and development programs Infectious and parasitic diseases State and local finance State and local government operations U.S. territories and protectorates Unemployment Government Operations and Politics 00 2020-09-24 Introduced in House 2022-03-16T13:41:40Z Taxpayer Protection Act of 2020

This bill directs the Department of the Treasury to establish the Taxpayer Protection Program to provide forgivable loans to state, territory, tribal, and local governments to cover revenue losses caused by the COVID-19 pandemic and for other specified purposes.

Specifically, loan amounts received under this bill may be used (1) to cover revenue losses caused by business interruptions, unemployment, or other economic hardship directly caused by the COVID-19 pandemic; and (2) for infrastructure or essential government service expenditures, including all general operating expenses. However, they may not be used for the service of any debt obligation or unfunded liability for employee retirement benefits.

The bill permits loan forgiveness if a state or local government meets specified requirements, such as a state having a truly balanced budget, sufficient rainy-day funds, and sound pension funds (i.e., pension funds that are based on generally accepted actuarial principles and that meet other specified requirements).

]]> Taxpayer Protection Act of 2020 Display Title Taxpayer Protection Act of 2020 Short Title(s) as Introduced Taxpayer Protection Act of 2020 Introduced in House IH Official Title as Introduced To establish the Taxpayer Protection Program to provide forgivable loans to State, territory, Tribal, and local governments, and for other purposes. Introduced in House IH Introduced in House 2020-09-24T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr8385ih/xml/BILLS-116hr8385ih.xml 2020-09-24 Referred to the House Committee on Oversight and Reform. 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.