DC Tax Flash: House Taxwriters Aim To Finish Work on Virus Relief Provisions Today
Tax Alert
The House Ways and Means Committee today continues work on the revenue portions of the broader virus relief reconciliation bill being assembled by Democratic leaders. Chairman Richard Neal (D-MA) said he hopes to finish the markup this evening.
Today's agenda includes work on a key portion of the legislative package: Subtitle G – Promoting Economic Security. This portion would make several business related tax policy changes, including provisions to:
- Extend and expand credits for paid sick and family leave
- Extend and expand the Employee Retention Credit
- Repeal the election to allocate interest on a worldwide basis
It also includes provisions to provide $1,400 payments to individuals, expand credits for children and child care, expand the Earned Income Tax Credit, and expand credits for dependent care.
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