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Small Business Emergency Savings Accounts Act of 2021

USA117th CongressHR-1450| House 
| Updated: 3/1/2021
Michael Cloud

Michael Cloud

Republican Representative

Texas

Cosponsors (3)
Doug LaMalfa (Republican)Ashley Hinson (Republican)Burgess Owens (Republican)

Ways and Means Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Small Business Emergency Savings Accounts Act of 2021 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

Bill from Previous Congress

HR 116-8656
Small Business Emergency Savings Accounts Act of 2020
Mar 1, 2021
Introduced in House
Mar 1, 2021
Referred to the House Committee on Ways and Means.
  • Bill from Previous Congress

    HR 116-8656
    Small Business Emergency Savings Accounts Act of 2020


  • March 1, 2021
    Introduced in House


  • March 1, 2021
    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 2021

USA117th CongressHR-1450| House 
| Updated: 3/1/2021
Small Business Emergency Savings Accounts Act of 2021 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.
View Full Text

Suggested Questions

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

Timeline

Bill from Previous Congress

HR 116-8656
Small Business Emergency Savings Accounts Act of 2020
Mar 1, 2021
Introduced in House
Mar 1, 2021
Referred to the House Committee on Ways and Means.
  • Bill from Previous Congress

    HR 116-8656
    Small Business Emergency Savings Accounts Act of 2020


  • March 1, 2021
    Introduced in House


  • March 1, 2021
    Referred to the House Committee on Ways and Means.
Michael Cloud

Michael Cloud

Republican Representative

Texas

Cosponsors (3)
Doug LaMalfa (Republican)Ashley Hinson (Republican)Burgess Owens (Republican)

Ways and Means Committee

Taxation

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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