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FIRST Act

USA116th CongressHR-6884| House 
| Updated: 5/15/2020
Dan Newhouse

Dan Newhouse

Republican Representative

Washington

Cosponsors (1)
Dean Phillips (Democratic)

Ways and Means Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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).
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Timeline
May 7, 2020

Latest Companion Bill Action

S 116-3645
Introduced in Senate
May 15, 2020
Introduced in House
May 15, 2020
Referred to the House Committee on Ways and Means.
  • May 7, 2020

    Latest Companion Bill Action

    S 116-3645
    Introduced in Senate


  • May 15, 2020
    Introduced in House


  • May 15, 2020
    Referred to the House Committee on Ways and Means.

Taxation

Related Bills

  • HR 116-6821: Small Business Expense Protection Act of 2020
  • S 116-3612: Small Business Expense Protection Act of 2020
Business expensesCardiovascular and respiratory healthEmergency medical services and trauma careGovernment lending and loan guaranteesIncome tax deductionsIncome tax exclusionInfectious and parasitic diseasesSmall business

FIRST Act

USA116th CongressHR-6884| House 
| Updated: 5/15/2020
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).
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
May 7, 2020

Latest Companion Bill Action

S 116-3645
Introduced in Senate
May 15, 2020
Introduced in House
May 15, 2020
Referred to the House Committee on Ways and Means.
  • May 7, 2020

    Latest Companion Bill Action

    S 116-3645
    Introduced in Senate


  • May 15, 2020
    Introduced in House


  • May 15, 2020
    Referred to the House Committee on Ways and Means.
Dan Newhouse

Dan Newhouse

Republican Representative

Washington

Cosponsors (1)
Dean Phillips (Democratic)

Ways and Means Committee

Taxation

Related Bills

  • HR 116-6821: Small Business Expense Protection Act of 2020
  • S 116-3612: Small Business Expense Protection Act of 2020
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Business expensesCardiovascular and respiratory healthEmergency medical services and trauma careGovernment lending and loan guaranteesIncome tax deductionsIncome tax exclusionInfectious and parasitic diseasesSmall business