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Proposed Tax Legislation - September 2020

The following is an overview of some of the tax proposals discussed or introduced in Congress in September 2020. It is important that you not treat these proposals as passed legislation. Many hurdles remain before any of these legislative ideas become law. In the meantime, it is useful to see what types of tax laws may be affecting you in the future.

  • Save our Social Security Now Act (House of Representatives Bill 8171): This bill, introduced Sept. 4, proposes to nullify certain executive actions to permit the delayed withholding and deposit of payroll taxes.
  • Support for Workers, Families, and Social Security Act (House of Representatives Bill 8201): This bill, introduced Sept. 11, proposes to provide a temporary employee payroll tax holiday.
  • Businesses Preparing for a Better Tomorrow Act (House of Representatives Bill 8260): This bill, introduced Sept. 15, proposes to provide a payroll tax credit for best practices training expenses associated with protecting employees from COVID-19.
  • 2020 Disasters Tax Relief Act (Senate Bill 4621): This bill, introduced Sept. 15, proposes to provide tax relief for persons affected by certain 2020 disasters.
  • No Surprise Bills for New Moms Act (House of Representatives Bill 8330): This bill, introduced Sept. 21, proposes to amend the Public Health Service Act, the Employee Retirement Income Security Act of 1974, and the Internal Revenue Code of 1986 to provide for certain health coverage of newborns.
  • Coronavirus Unemployment Benefits Tax Relief Act (Senate Bill 4713): This bill, introduced Sept. 24, proposes to amend the Internal Revenue Code of 1986 to exempt a portion of unemployment compensation received during 2020 from income taxes.
  • End Taxpayer Subsidies for Drug Ads Act (House of Representatives Bill 8399): This bill, introduced Sept. 25, proposes to amend the Internal Revenue Code of 1986 to deny the deduction for advertising and promotional expenses for prescription drugs.

IMPORTANT: The above are proposals. There are many steps each bill must go through before they are signed into law.

Information retrieved from: GovTrack.us https://www.govtrack.us/congress/bills/subjects/taxation/6342