H.R. 8656 · 116th Congress
Small Business Emergency Savings Accounts Act of 2020
- Stage
- In committee
- Sponsor
- Michael Cloud
- Introduced
- 2020-10-23
- Latest action
- 2020-10-23 · Introduced in House
Summary
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.