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S. 3612 (116th): Small Business Expense Protection Act of 2020


The text of the bill below is as of May 5, 2020 (Introduced). The bill was not enacted into law.

Summary of this bill


II

116th CONGRESS

2d Session

S. 3612

IN THE SENATE OF THE UNITED STATES

May 5, 2020

(for himself, Mr. Grassley, Mr. Wyden, Mr. Rubio, and Mr. Carper) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To clarify for purposes of the Internal Revenue Code of 1986 that receipt of coronavirus assistance does not affect the tax treatment of ordinary business expenses.

1.

Short title

This Act may be cited as the Small Business Expense Protection Act of 2020.

2.

Clarification of treatment of business expenses

(a)

In general

Subsection (i) of section 1106 of the CARES Act (Public Law 116–136) is amended—

(1)

by striking 1986, any amount and inserting “1986—

(1)

any amount

,

(2)

by striking the period at the end and inserting , and, and

(3)

by adding at the end the following new paragraph:

(2)

no deduction shall be denied or reduced, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of the exclusion from gross income provided by paragraph (1).

.

(b)

Effective date

The amendments made by this section shall apply as if included in the enactment of section 1106 of the CARES Act (Public Law 116–136).