S. 3612, Small Business Expense Protection Act of 2020
Summary
S. 3612, the Small Business Expense Protection Act of 2020, was introduced in the Senate on May 5, 2020 by Mr. Cornyn (for himself, Mr. Grassley, Mr. Wyden, Mr. Rubio, and Mr. Carper) and referred to the Committee on Finance. Its stated purpose is to clarify for purposes of the Internal Revenue Code of 1986 that receipt of coronavirus assistance does not affect the tax treatment of ordinary business expenses. Section 2 amends subsection (i) of section 1106 of the CARES Act (Public Law 116-136) by adding a paragraph providing that no deduction shall be denied or reduced, no tax attribute shall be reduced, and no basis increase shall be denied by reason of the exclusion from gross income. The amendments apply as if included in the enactment of section 1106.
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Cite this document
“S. 3612, Small Business Expense Protection Act of 2020.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116s3612is-bills-116s3612is/
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II
116TH CONGRESS
2D SESSION
S. 3612
To clarify for purposes of the Internal Revenue Code of 1986 that receipt
of coronavirus assistance does not affect the tax treatment of ordinary
business expenses.
IN THE SENATE OF THE UNITED STATES
MAY 5, 2020
Mr. CORNYN (for himself, Mr. GRASSLEY, Mr. WYDEN, Mr. RUBIO, and Mr.
CARPER) introduced the following bill; which was read twice and referred
to the Committee on Finance
A BILL
To clarify for purposes of the Internal Revenue Code of
1986 that receipt of coronavirus assistance does not af-
fect the tax treatment of ordinary business expenses.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Small Business Ex-
5 pense Protection Act of 2020’’.
6 SEC. 2. CLARIFICATION OF TREATMENT OF BUSINESS EX-
7
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PENSES.
8 (a) IN GENERAL.—Subsection (i) of section 1106 of
9 the CARES Act (Public Law 116–136) is amended—
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2
1 (1) by striking ‘‘1986, any amount’’ and insert-
2 ing ‘‘1986—
3 ‘‘(1) any amount’’,
4 (2) by striking the period at the end and insert-
5 ing ‘‘, and’’, and
6 (3) by adding at the end the following new
7 paragraph:
8 ‘‘(2) no deduction shall be denied or reduced,
9 no tax attribute shall be reduced, and no basis in-
10 crease shall be denied, by reason of the exclusion
11 from gross income provided by paragraph (1).’’.
12 (b) EFFECTIVE DATE.—The amendments made by
13 this section shall apply as if included in the enactment
14 of section 1106 of the CARES Act (Public Law 116–136).
Æ
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•S 3612 IS
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