The Joint Committee on Taxation (JCT) today issued a revenue estimate for the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act (H.R. 748). The bill cleared the Senate last night on a 96-0 vote and is expected to pass the House tomorrow.

According to JCT, the bill's revenue provisions taken together would reduce federal taxes by $591 billion, or more than a quarter of the cost of the bill, which is estimated to total roughly $2 trillion.

Almost $300 billion of that cost comes from the bill's direct transfer payments to individuals. These "recovery rebates" would deliver $1,200 to individuals (twice that for joint filers) and $500 per child. These payments would phase-out for those with incomes above $75,000, and for couples above $150,000.

The JCT revenue estimate includes the following scores for the bill's business tax provisions:

• Employee Retention Credit for Employers Subject to Closure or Experiencing Economic Hardship Due to COVID-19: $54.5 billion;
• Delay of Payment of Employer Payroll Taxes: $12.3 billion;
• Modification of Net Operating Losses (NOLs): $25.5 billion;
• Modification of Limitation on Losses for Taxpayers Other than Corporations: $169 billion;
• Modification of Credit for Prior Year Minimum Tax Liability of Corporations: No revenue effect after 2021;
• Modification of Limitation on Business Interest: $13.3 billion;
• Qualified Improvement Property Technical Correction: No revenue effect;
• Temporary Exception from Excise Tax on Alcohol for Producing Hand Sanitizer: Less than $500,000;
• Suspension of Certain Aviation Excise Taxes: $4.3 billion; and
• Single-Employer Plan Delay in Pension Contributions: $19 million.

The JCT revenue score released today is posted here.

The text of the CARES Act, as approved last night by the Senate, is posted here.

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