HR 6884 · 116th Congress · Taxation

FIRST Act

Introduced 2020-05-15· Sponsored by Rep. Newhouse, Dan [R-WA-4]· House

Bill Progress

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Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the House Committee on Ways and Means.(2020-05-15)

Plain Language Summary

[AI summary unavailable — showing source text] Fixing the Income Ramifications for Small Businesses and Tax Relief Act or the FIRST Act This bill amends the Coronavirus Aid, Relief, and Economic Security Act to provide that tax deductions for ordinary business expenses and other tax incidents shall not be affected by the exclusion from gross income of amounts related to loan forgiveness received in response to COVID-19 (i.e., coronavirus disease 2019).…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (1)

1 Democrat
Rep. Phillips, Dean [D-MN-3]MN