Small Business Emergency Savings Accounts Act of 2020 This bill allows a new tax deduction from gross income for amounts paid into a small business emergency savings account. Such savings accounts are established exclusively to pay the qualified disaster and public health emergency expenses of the account beneficiary. The bill defines qualified disaster and public health emergency expenses as disaster loss replacement expenses, disaster recovery operations expenses, and public health emergency expenses.
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Timeline
Introduced in House
Referred to the House Committee on Ways and Means.
Introduced in House
Referred to the House Committee on Ways and Means.
Taxation
Bank accounts, deposits, capitalBusiness expensesDisaster relief and insuranceEmergency medical services and trauma careEmployee benefits and pensionsHealth care costs and insuranceIncome tax deductionsIncome tax exclusionInfectious and parasitic diseasesInflation and pricesProperty taxPublic utilities and utility ratesSmall businessUnemploymentWages and earnings
Small Business Emergency Savings Accounts Act of 2020
USA116th CongressHR-8656| House
| Updated: 10/23/2020
Small Business Emergency Savings Accounts Act of 2020 This bill allows a new tax deduction from gross income for amounts paid into a small business emergency savings account. Such savings accounts are established exclusively to pay the qualified disaster and public health emergency expenses of the account beneficiary. The bill defines qualified disaster and public health emergency expenses as disaster loss replacement expenses, disaster recovery operations expenses, and public health emergency expenses.
Bank accounts, deposits, capitalBusiness expensesDisaster relief and insuranceEmergency medical services and trauma careEmployee benefits and pensionsHealth care costs and insuranceIncome tax deductionsIncome tax exclusionInfectious and parasitic diseasesInflation and pricesProperty taxPublic utilities and utility ratesSmall businessUnemploymentWages and earnings