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).
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).
Business expensesCardiovascular and respiratory healthEmergency medical services and trauma careGovernment lending and loan guaranteesIncome tax deductionsIncome tax exclusionInfectious and parasitic diseasesSmall business