Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act: Division B--Revenue Provisions [May 15, 2020]

From the Document: Congress continues to consider proposals intended to alleviate the economic effects associated with the Coronavirus Disease 2019, or COVID-19, pandemic One such proposal, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act (H R 6800), was introduced in the House on May 12, 2020 Division B of the HEROES Act, or the COVID-19 Tax Relief Act of 2020, contains a number of individual and business tax provisions, including [1] a one-time direct payment for eligible individuals, and an expansion of eligibility for the direct payments provided in the CARES [Coronavirus Aid, Relief, and Economic Security] Act;[2] enhanced benefits and/or expanded eligibility for the earned income tax credit (EITC), child tax credit, and child and dependent care tax credit, and suspension of the limitation on the deduction for state and local taxes paid;[3] expansions of tax credits for paid sick leave and paid family leave;[4] tax credits for employers and employees in businesses susceptible to COVID-19- related interruptions;[5] expanded utilization options for certain employee health and dependent care benefits;and [6] a permanent limitation on using noncorporate business losses to offset nonbusiness income, and reduced ability to carry back recent net operating losses COVID-19 (Disease);Economic assistance