H.R. 6884 · 116th Congress
FIRST Act
- Stage
- In committee
- Sponsor
- Dan Newhouse
- Introduced
- 2020-05-15
- Latest action
- 2020-05-15 · Introduced in House
Summary
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).