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H.R. 435: Excluding Pandemic Unemployment Compensation from Income Act


The text of the bill below is as of Jan 21, 2021 (Introduced).


I

117th CONGRESS

1st Session

H. R. 435

IN THE HOUSE OF REPRESENTATIVES

January 21, 2021

(for herself, Ms. Norton, Ms. Williams of Georgia, Mr. Smith of Washington, Ms. Jayapal, Mr. Meeks, Mr. Welch, Ms. Schakowsky, Ms. Kaptur, Ms. Tlaib, Ms. Wild, Ms. Newman, Ms. Lee of California, Ms. Meng, and Mr. Nadler) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To exclude from tax certain payments of Federal pandemic unemployment compensation, and for other purposes.

1.

Short title

This Act may be cited as the Excluding Pandemic Unemployment Compensation from Income Act.

2.

Certain payments of Federal pandemic unemployment compensation not includible in gross income or taken into account in determining certain means-tested benefits

(a)

Exclusion from gross income

For purposes of the Internal Revenue Code of 1986, gross income shall not include the amount specified in section 2104(b)(3) of the CARES Act to the extent such amount is received by the taxpayer pursuant to section 2102, 2104, or 2107 of such Act.

(b)

Disregarded in the administration of Federal programs and federally assisted programs

For purposes of section 6409 of the Internal Revenue Code of 1986, any amount excluded from gross income under subsection (a) shall be treated in the same manner as a refund under such Code.

(c)

Effective dates

(1)

Exclusion

Subsection (a) shall apply to taxable years ending after the date of the enactment of the CARES Act.

(2)

Disregard

Subsection (b) shall apply to amounts received after the date of the enactment of the CARES Act.