Summary of Tax Provisions in the Coronavirus Aid, Relief, and Economic Security ("CARES") Act

Summary of Tax Provisions in the Coronavirus Aid, Relief, and Economic Security ("CARES") Act

March 26, 2020, Covington Alert

Late last night, the Senate passed (96-0) the Coronavirus Aid, Relief, and Economic Security ("CARES") Act that was introduced by several Senate Republicans last Thursday. This follows a number of days of whirlwind negotiations, beginning with the Senate where, on Sunday night, a procedural vote failed to garner the 60 votes necessary to move the legislation forward. In the interim, House Speaker Nancy Pelosi (D-Calif.) introduced the Take Responsibility for Workers and Families Act, her own version of a coronavirus stimulus bill. Early today, the Senate announced that an agreement had been reached among Senate Republicans, Senate Democrats, and the Trump Administration, culminating in the late-night vote. This alert provides a summary of the tax-related provisions included in the Senate-passed bill (the “Bill”), including business tax provisions, business and individual tax provisions, and individual tax provisions in the Bill, as well as select provisions deleted in the final version. The Bill next heads to the House, which is expected to pass the measure later this week.