DC Tax Flash: Bipartisan Senate Virus Bill Text Released, Votes Expected Soon

Tax Alert

Senate Majority Leader Mitch McConnell (R-KY) this evening released the final legislative text of the bipartisan agreement to respond to the coronavirus outbreak. The $2 trillion bill (H.R. 748) is headed for a Senate vote later tonight or tomorrow.

Before passage, a vote may occur on an amendment by Sens. Lindsey Graham (R-SC), Ben Sasse (R-NE), and Tim Scott (R-SC) that would cap the amount of unemployment benefits so that no recipient gets more in unemployment benefits than he or she was earning while employed. This amendment will probably fail, clearing the path for a vote on final passage.

The text of the 883-page bill is posted here.

A Finance Committee summary of the tax and unemployment provisions in the bill is posted here.

A Finance Committee summary of the bill's health provisions is posted here.

A Health, Education, Labor and Pensions (HELP) Committee summary of the provisions within its jurisdiction is posted here.

A Senate Appropriations Committee summary of the bill's emergency spending provisions is posted here.

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